The company said the listing represents a significant milestone as it hopes for increased visibility with prospective US investors.
Mogo Finance Technology (TSX:MOGO,NASDAQ:MOGO), a Vancouver-based financial technology company, began trading on the NASDAQ on Wednesday (April 18) under the trading symbol “MOGO.”
The company’s stock on the exchange closed the day at $3.17, down $0.20 or 5.93 percent with a daily high of $3.50.
Mogo’s stock reached a low of $3.07 before recovering slightly at market close, with 4,049 shares being traded through the course of the day. Mogo has a market cap of $70.55 million.
Greg Feller, Mogo’s president and chief financial officer, said in a press release that the listing on NASDAQ represents a significant milestone in the evolution of Mogo.
“We believe the listing will provide Mogo with increased visibility with prospective U.S. investors, improved liquidity and a more diversified shareholder base as we continue to grow our over 500,000 members and expand our suite of 6 innovative products, all available through our award winning mobile app,” Feller said.
Earlier in the week, Mogo also filed a preliminary short-form prospectus in each of the provinces and territories of Canada, except Quebec, and a corresponding shelf registration statement with the US Securities and Exchange Commission under the US-Canada Multi-jurisdictional Disclosure System (MJDS).
These filings from Mogo, when made final and effective, will enable the company to make offerings of common shares and debt securities of up to an aggregate initial offering price of $50 million at any time during the 25-month period that the prospectus remains effective and is subject to MJDS eligibility.
The company was built as a “mobile-first” platform, with its product being engineered to deliver multiple financial products at scale through one account. Mogo currently offers six products, including access to free credit score monitoring, identity fraud protection, a platinum prepaid visa card, mortages, personal loans and the newly launched MogoCrypto, which enables users to buy or sell bitcoins.
The company first began trading on the TSX after raising $50 million in an IPO in 2015. The stock closed at $3.86 on TSX and was down 8.53 percent on Wednesday with a volume of 138,084. The stock’s high was $4.30 and it had a day low of 3.84.
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Securities Disclosure: I, Bala Yogesh, hold no direct investment interest in any company mentioned in this article.