Mogo Launches Normal Course Issuer Bid On TSX; Under The Bids, Mogo May Purchase Up To 2,183,000 Common Shares, Representing ~10% Of The Public Float Of Mogo's Outstanding Common Shares
Portfolio Pulse from Happy Mohamed
Mogo Inc. has announced a new share buyback program on the Toronto Stock Exchange (TSX), in addition to its existing program on NASDAQ. Under the new program, Mogo may purchase up to 2,183,000 common shares, representing about 10% of the public float of Mogo's outstanding common shares. The company believes that the market price of its common shares may not accurately reflect their underlying value, and thus, purchasing the common shares for cancellation under the buyback programs may enhance long-term shareholder value.
August 21, 2023 | 12:18 pm
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Mogo Inc. has launched a new share buyback program on the TSX, which could potentially increase the value of its shares. The company has already purchased 176,456 common shares at an average price of US$2.07 under the NASDAQ program.
Share buybacks often lead to an increase in the stock price as they reduce the number of shares in circulation, which increases earnings per share and makes the stock more attractive to investors. Therefore, Mogo's new buyback program could potentially have a positive impact on its stock price.
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