Mogo To Resume Share Repurchases Under Nasdaq Buyback Program, Has ~$7.5M Additional Capacity Under Program
Portfolio Pulse from Benzinga Newsdesk
Mogo Inc. has announced it will resume share repurchases under its NASDAQ buyback program. In 2023, Mogo repurchased and cancelled 474,353 common shares at an average price of $2.36 per share. Including the 600,000 shares bought back in 2022, the total comes to 1,074,353 shares, or 4.4% of its outstanding shares. Currently, Mogo has 24.5 million common shares issued and outstanding.
March 21, 2024 | 1:19 pm
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Mogo Inc. is resuming its share repurchase program, having already bought back 1,074,353 shares, representing 4.4% of its outstanding shares.
Share repurchase programs often signal a company's confidence in its future prospects and can lead to an increase in stock price due to the reduced number of shares outstanding, which increases earnings per share (EPS). Given Mogo's commitment to buying back shares, this could be seen as a positive signal to investors, potentially leading to a short-term increase in the stock price.
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