VANCOUVER - Mogo Inc. (NASDAQ:MOGO) (TSX:MOGO), a Canadian financial technology company, announced its plans to resume repurchasing shares under its existing buyback program on the NASDAQ following the release of its fourth quarter and full-year 2023 financial results. The decision comes as the company believes its current market price does not fully reflect the intrinsic value of its shares.
Throughout 2023, Mogo repurchased and cancelled 474,353 common shares at an average price of $2.36 per share on both NASDAQ and the Toronto Stock Exchange. Combined with the 600,000 common shares bought back in 2022, the company has reacquired a total of 1,074,353 common shares, equating to 4.4% of its current outstanding shares. Currently, Mogo has 24.5 million common shares issued and outstanding.
The company's President and CFO, Greg Feller, expressed a continued belief in the undervaluation of Mogo's shares, citing recent progress and growth prospects in its core business, as well as its 13% stake in WonderFi, a regulated Canadian cryptocurrency exchange.
Mogo, founded in 2003, operates with approximately 200 employees across offices in Vancouver, Toronto, London, and Casablanca. The company offers a range of financial solutions aimed at wealth creation and financial freedom for its over 2 million members. Its services include commission-free stock trading through Mogotrade, a passive investing solution through Moka, and payment processing capabilities via its subsidiary, Carta Worldwide.
The press release also contains forward-looking statements regarding the company's expectations for future activity under the share buyback program. These statements are based on estimates and assumptions that may be subject to change due to various factors, including market conditions and economic uncertainties.
This news article is based on a press release statement, and it aims to present the facts without any endorsement of the company's claims or future prospects. The information provided is intended to offer a clear and unbiased view of the company's announcement regarding its share buyback program.
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