Mogo to consolidate its issued and outstanding common shares
Mogo Inc. (NASDAQ:MOGO) (TSX:MOGO), one of Canada’s leading financial technology companies, announced that effective today, it will consolidate its issued and outstanding common shares at a ratio of three pre-consolidation Shares to one post-consolidation Share.
The shares are expected to commence trading on the TSX and Nasdaq on a post-Consolidation basis at the start of trading on Monday, August 14, 2023.
The consolidation has been approved by the board of directors of Mogo and by shareholders of the company pursuant to the share consolidation authorizing resolution approved at the Company’s most recent annual general and special meeting of Shareholders held on June 27, 2023.
The Board believes implementing the Consolidation is in the best interest of the company as it allows Mogo to regain compliance with the minimum bid price requirement of US$1.00 per share in respect of its listing on the NASDAQ and maintain its NASDAQ listing.
The consolidation will not affect any shareholder’s percentage ownership in the company other than by the minimal effect of the aforementioned elimination of fractional shares, even though such ownership will be represented by a smaller number of shares. Instead, the consolidation will reduce proportionately the number of shares held by all shareholders.