Mogo Amalgamates with Difference Capital to form Mogo Inc.

Mogo Finance Technology (TSX:MOGO) fintech company announced that it has amalgamated with Difference Capital Financial (TSX:DCF) to form Mogo Inc. The arrangement is effective as of Friday June 21, 2019.

As quoted in the press release:

Under the Arrangement, Mogo was amalgamated with a wholly-owned subsidiary of Difference and each Mogo common share (a “Mogo Share“) outstanding immediately prior to the Arrangement, other than Mogo Shares held by Difference, was exchanged for one common share of the Combined Entity. Prior to the commencement of the Arrangement, Difference continued from a corporation existing under the Canada Business Corporations Act to a corporation existing under the BCBCA (the “Continuance”). On completion of the Arrangement, former Mogo shareholders own approximately 80% of the Combined Entity, on a fully diluted basis. In connection with the Arrangement, all of Mogo’s outstanding convertible securities became exercisable or convertible, as the case may be, for shares of the Combined Entity in accordance with the provisions thereof.

It is anticipated that the Mogo Shares will be delisted from the Toronto Stock Exchange (the “TSX”) on or about the close of trading on June 24, 2019. Shares of the Combined Entity will begin trading on the TSX under the ticker symbol “MOGO” in place of the Difference common shares at the open of trading on June 25, 2019. In addition the Combined Entity will be treated as a successor in interest to Mogo and, as such, the Combined Entity will be listed on the Nasdaq Capital Market (“NASDAQ“) under the ticker symbol “MOGO”.  Shares of Mogo and Difference traded between June 21^st and June 25^th will automatically settle for shares of the Combined Entity.

Click here to read the full press release.