Benzinga | Feb 22, 2021 05:38AM EST

Mogo Raises $54M Via Equity At 25% Discount For Coinsquare Acquisition

* Mogo Inc. (NASDAQ: MOGO) priced 5.34 million shares at $10.10 per share to raise $54 million in a secondary offering.

* The offer price signifies a 25.4% discount to the Friday closing price.

* The offering proceeds will be partly used to fund the cash component of Coinsquare acquisition and the remaining for general corporate and working capital purposes.

* The company has also issued unregistered warrants to purchase up to 2.67 million shares at an exercise price of $11 per share in a concurrent private placement.

* Mogo posted a robust bitcoin transaction volume in January. The share prices have climbed 399% in the last quarter.

* The offering is expected to close by February 24, 2021.

* H.C. Wainwright & Co. is the placement agent for the offering.

* Price action: MOGO shares are down 12.1% at $9.47 in the pre-market session on the last check Monday.