Mogo Completes Acquisition of Canadian Investment Dealer Fortification Capital Inc. - to be Renamed MogoTrade
Acquisition accelerates upcoming launch of MogoTrade commission free stock trading platform
All figures in Canadian $
Fortification is a Canadian registered investment dealer and a member of IIROC. Among several benefits of the Acquisition, Mogo acquires the necessary licenses, registration and technology – including an order management system and market data processing – to accelerate the development of MogoTrade, the Company’s commission free stock trading solution.
“The acquisition of Fortification represents an important milestone towards the launch of our new commission-free stock trading platform, providing necessary components on the regulatory and technology side to complement our existing capabilities,” said
The Acquisition was completed pursuant to the terms of a definitive share purchase agreement (the "Share Purchase Agreement") entered into by, among others, Mogo, Fortification and the sole shareholder of Fortification (the "Vendor"). Under the Share Purchase Agreement, Mogo acquired all of the issued and outstanding shares of Fortification in exchange for (i) a cash payment of
About Fortification
Founded in 2016 by
About Mogo
Mogo is empowering its more than one million members with simple digital solutions to do money like you mean it. Through the free Mogo app, consumers can access a digital spending account with Mogo Visa* Platinum Prepaid Card, the only card of its kind in
Forward-Looking Statements
This news release may contain "forward-looking statements" within the meaning of applicable securities legislation, including statements regarding the expansion of Mogo’s wealth offering, including the planned launch of Mogo’s free stock trading solution, and the anticipated benefits of the Acquisition. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at the time of preparation, are inherently subject to significant business, economic and competitive uncertainties and contingencies, and may prove to be incorrect. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual financial results, performance or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. Mogo's growth, its ability to expand into new products and markets and its expectations for its future financial performance are subject to a number of conditions, many of which are outside of Mogo's control, including the receipt of any required regulatory approvals. For a description of the risks associated with Mogo's business please refer to the “Risk Factors” section of Mogo’s current annual information form, which is available at www.sedar.com and www.sec.gov. Except as required by law, Mogo disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise.
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Investor Relations
craiga@mogo.ca
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