An anonymous director reports
MOGO RECEIVES NASDAQ NOTIFICATION REGARDING MINIMUM BID PRICE DEFICIENCY
Mogo Inc. on Oct. 28, 2022, received a written notification from the Nasdaq Stock Market LLC indicating that, for the last 30 consecutive business days, the bid price for the company's common shares had closed below the minimum $1.00 (U.S.) per share requirement for continued listing on Nasdaq under Nasdaq Listing Rule 5550(a)(2).
The notification letter is only a notification of deficiency and has no immediate effect on the listing or trading of the shares and the shares will continue to trade on Nasdaq under the symbol MOGO. The shares are also listed on the Toronto Stock Exchange and the notification letter does not affect the company's compliance status with such listing.
In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the company has been provided an initial period of 180 calendar days, or until April 26, 2023, to regain compliance. The letter states that Nasdaq staff will provide written notification that the company has achieved compliance with Rule 5550(a)(2) if at any time before April 26, 2023, the bid price of the shares closes at $1.00 (U.S.) per share or more for a minimum of 10 consecutive business days.
The company intends to monitor the bid price of its shares between now and April 26, 2023, and to evaluate its available options to regain compliance with Nasdaq's minimum bid price rule within the compliance period. If the company does not regain compliance with Rule 5550(a)(2) by April 26, 2023, the company may be eligible for an additional 180-calendar-day compliance period.
Mogo's business operations are not affected by the receipt of the notification letter and the company fully intends to resolve the deficiency and regain compliance with the Nasdaq listing rules.
Mogo, one of Canada's leading financial technology companies, is empowering its more than two million members with simple digital solutions to help them get in control of their financial health while also making a positive impact with their money. Through the free Mogo app, consumers can access a digital spending account with the Mogo Visa Platinum Prepaid Card, which features automatic carbon offsetting, free monthly credit score monitoring and ID (identification) fraud protection, and access to personal loans and mortgages. Mogo's new Mogotrade app offers commission-free stock trading that helps users make a positive impact with every investment and, together with Moka, Mogo's wholly owned subsidiary bringing automated, fully managed flat-fee investing to Canadians, forms the heart of Mogo's digital wealth platform. Mogo's wholly owned subsidiary, Carta Worldwide, also offers a digital payments platform that powers the next-generation card programs from innovative fintech companies in Europe, North America and APAC (Asia Pacific).
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