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VerticalScope Holdings Inc. (TSX: FORA; OTCQX: VFORF) has announced the renewal of its normal course issuer bid (NCIB) program, approved by the Toronto Stock Exchange. The company is authorized to purchase up to 931,151 of its subordinate voting shares, representing 5% of the issued and outstanding shares as of August 2, 2024. Purchases will be made through various trading systems, with a daily limit of 5,715 shares, subject to exceptions. The NCIB will run from August 16, 2024, to August 15, 2025. VerticalScope believes that the current market price may not adequately reflect the shares' value and sees this as an opportunity to acquire shares at attractive prices. The company has also entered into an automatic repurchase plan with its designated broker to allow for purchases during predetermined black-out periods.
VerticalScope reported strong Q2 2024 results, with revenue increasing 14% to $16.7 million and Adjusted EBITDA rising 29% to $7.1 million. The company achieved record Monthly Active Users (MAU) of 122 million, up 23% year-over-year. Digital advertising revenue grew 20%, driven by video contributions and programmatic channel performance. Free Cash Flow surged 58% to $6.6 million, enabling debt reduction and potential future investments.
The company's forum communities saw significant growth, with a 42% increase in MAU to 83 million. VerticalScope's financial position improved, with net leverage decreasing to 1.5x. The company continues to focus on debt reduction, share buybacks, and exploring M&A opportunities.
VerticalScope Holdings Inc. (TSX: FORA; OTCQX: VFORF) has announced that it will release its second quarter 2024 financial results after the market close on Wednesday, August 7, 2024. The company will host a conference call and webcast to discuss these results on Thursday, August 8, 2024, at 8:00 a.m. ET.
Interested parties can register for the live webcast or join by telephone. Canadian participants can call +1 833 950 0062, while U.S. participants can dial +1 833 470 1428, using the access code 991440. An archived recording of the webcast will be available on the company's investor relations website for those unable to attend the live event.
VerticalScope Holdings Inc. (TSX: FORA; OTCQX: VFORF), a technology company operating a cloud-based digital platform for online enthusiast communities, has begun trading on the OTCQX® Best Market under the symbol 'VFORF'. This move aims to increase accessibility for U.S. investors and employees, eliminating the need for Canadian trading accounts. The company will continue trading on the Toronto Stock Exchange as 'FORA'.
CEO Rob Laidlaw views this as a significant milestone, expecting increased exposure to U.S. private and institutional investors. The OTCQX, the highest tier of OTC Markets, requires companies to meet strict financial and governance standards. This development is seen as a potential stepping stone towards a future senior exchange listing in the U.S. as VerticalScope continues to expand its digital platform.
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