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Mogo's Share Buybacks for 2023 Announced

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Mogo Announces Share Buybacks for 2023

Mogo Inc., one of Canada's leading financial technology companies, has announced its share buyback program for 2023. During the three months ended September 30, 2023, the company repurchased and cancelled 134,502 shares under its common share buyback program on NASDAQ and its normal course issuer bid on the Toronto Stock Exchange (TSX). Year to date, Mogo has repurchased a total of 254,456 shares under both buyback programs. The company believes that the market price of its common shares does not accurately reflect their underlying value, and the share repurchases are intended to enhance long-term shareholder value.

Details of Share Acquisitions

In Q3 2023, Mogo acquired 124,102 shares on NASDAQ at an average price of US$1.7977 and 10,400 shares on the TSX at an average price of CA$2.0650. It's important to note that all common share amounts and prices mentioned in this announcement have been adjusted to reflect the company's 3:1 share consolidation implemented in August 2023.

Mogo's Mission and Offerings

Mogo is focused on empowering its members with simple digital solutions to help them build wealth and achieve financial freedom. The company's digital wealth platform includes MogoTrade, a commission-free stock trading app, and Moka, a subsidiary offering automated, fully-managed flat-fee investing. Mogo also provides digital loans, mortgages, and a digital payments platform through its subsidiary, Carta Worldwide. In conclusion, Mogo's share buybacks for 2023 reflect the company's commitment to enhancing long-term shareholder value. With its range of digital financial solutions, Mogo aims to empower individuals in their journey towards financial well-being and wealth-building.

Implications of Mogo's 2023 Share Buybacks for New Businesses

Mogo Inc.'s announcement of its share buyback program for 2023 could have significant implications for new businesses, especially those in the financial technology sector. The company's strategy of repurchasing and cancelling shares is intended to enhance long-term shareholder value, a move that could inspire similar actions by emerging companies seeking to bolster their market position.

Strategic Share Acquisitions

Mogo's acquisition of shares on NASDAQ and the TSX at calculated average prices demonstrates a strategic approach to share buybacks. New businesses could learn from this approach, considering market conditions and share prices to optimize their own buyback strategies.

Reflecting on Mogo's Mission

Mogo's mission to empower members with simple digital solutions for wealth-building and financial freedom is a testament to the power of innovative, user-friendly technology. New businesses, particularly in the fintech sector, can take a cue from Mogo's commitment to providing valuable, accessible financial tools.
Enhancing Shareholder Value
Mogo's share buybacks reflect a commitment to enhancing shareholder value, a key consideration for any business. New companies can take note of this strategy as a potential avenue for increasing investor confidence and company valuation. In conclusion, Mogo's share buybacks for 2023 offer valuable insights for new businesses, particularly in strategic share acquisitions, commitment to mission, and enhancement of shareholder value.
Story First Published at: https://financialpost.com/pmn/business-wire-news-releases-pmn/mogo-announces-2023-share-buybacks
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