An anonymous director reports
MOGO GRANTED EXTENSION TO MEET NASDAQ MINIMUM BID PRICE DEFICIENCY
Mogo Inc. has received a notice from the Nasdaq Stock Market LLC granting the company's request for a 180-day extension to regain compliance with the minimum bid price requirement of $1 (U.S.) per share under the Nasdaq Listing Rule 5550(a)(2). The company was first notified by Nasdaq on Oct. 28, 2022, and was given until April 26, 2023, to regain compliance. The company now has until Oct. 23, 2023, to meet the requirement.
The extension notice has no immediate effect on the listing or trading of the company's common 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 extension notice does not affect the company's compliance status with such listing. Mogo's business operations are also not affected and the company fully intends to resolve the deficiency and regain compliance with the Nasdaq Listing Rules.
If at any time before Oct. 23, 2023, the bid price of the shares closes at or above $1 (U.S.) per share for a minimum of 10 consecutive business days, the company will regain compliance with the minimum bid requirement.
The company will continue to monitor the bid price of its shares between now and Oct. 23, 2023, and to evaluate its available options to regain compliance with Nasdaq's minimum bid price rule within the compliance period.
Mogo, one of Canada's leading digital finance companies, is empowering its members with simple digital solutions to help them build wealth and achieve financial freedom.
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