Mogo, Inc. (MOGO) Stock: Announces Asset Sale

Mogo Inc MOGO Stock News

Mogo, Inc. (NASDAQ: MOGO) made a key announcement this morning. After the Difference Capital merger that just recently closed, the company has monetized its first asset that it brought in under the deal. Here’s what’s going on:

Stop wasting your time! Start finding winning trades in minutes with Trade Ideas!

MOGO Monetizes First Difference Capital Asset

As mentioned above, Mogo made a key announcement this morning via press release. In the release, the company announced that it sold Wekerloo Developments for book value at $2.1 million. While the buyer wasn’t named, the company called the party an “arms’ length buyer.”

Wekerloo is a private commercial real estate holding company that owns properties in Waterloo, Ontario. The company is one of the investments that was part of the $24 million investment prtfolio that was acquired as part of the recent merger with Difference Capital.

In a statement, Greg Feller, President & CFO at MOGO, had the following to offer:

We are pleased to complete the sale of this investment for an appropriate value and quickly after the completion of the transaction with Difference. This transaction is consistent with our objective to actively monetize the Difference investment portfolio, which will provide additional financial resources to continue executing our growth strategy and extending our leadership in the Canadian fintech space.

About Mogo

Mogo is a leading fintech player in Canada. The company is working to challenge the large financial institutions that dominate the market, yet charge consumers high fees and a convoluted banking process.

Through the use of technology to transform the user banking experience and introduce better products to help consumers improve their financial health, the company has become a dominating force in the growing Canadian Fintech industry.

The recent transaction with Difference capital brought more than $30 million in cash and monetizable assets to the company, strengthening its balance sheet and setting a strong financial foundation for growth ahead.

Stop wasting your time! Start finding winning trades in minutes with Trade Ideas!

Never Miss The News Again

Join our FREE mailing list below to receive real-time, actionable updates!

Subscribe Today!

* indicates required

CNA Finance, parent company of Alpha Stock News, has a financial relationship with Mogo, Inc.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.