Voyager Digital Announces Normal Course Issuer Bid

Rhea-AI Summary

Voyager Digital has announced a notice to conduct a normal course issuer bid (NCIB) on the Toronto Stock Exchange, pending approval. The NCIB will allow Voyager to buy back up to 8,114,699 common shares, about 5% of its outstanding shares, over a 12-month period starting November 2, 2021. This initiative aims to enhance shareholder value as the company believes its shares are undervalued. Voyager had previously executed an NCIB on the Canadian Securities Exchange, acquiring 247,500 shares before delisting from the CSE.

Positive

• Initiation of a normal course issuer bid (NCIB) to buy back up to 8,114,699 shares, potentially increasing shareholder value.
• Previous NCIB resulted in the acquisition of 247,500 shares, indicating proactive management in addressing share value.

Negative

• Voyager's shares are perceived to be undervalued, suggesting potential concerns about market confidence.

TSX: VOYG
OTCQX: VYGVF
Borse Frankfurt: UCD2

NEW YORK, Oct. 29, 2021 /PRNewswire/ - Voyager Digital Ltd. ("Voyager" or the "Company") (TSX: VOYG) (OTCQX: VYGVF) (FRA: UCD2), a publicly traded cryptocurrency platform in the United States, announced that it has provided the Toronto Stock Exchange (the "TSX") its notice to commence a normal course issuer bid ("NCIB"), subject to approval by the TSX.

The notice provides that Voyager may, during the 12 month period commencing November 2, 2021 and ending November 1, 2022, purchase on the TSX up to 8,114,699 common shares in total, being approximately 5% of the outstanding common shares. The price which Voyager will pay for any such shares will be the market price at the time of purchase in accordance with regulatory requirements. The actual number of common shares which may be purchased pursuant to the NCIB and the timing of any purchases will be determined by management of Voyager. All common shares purchased pursuant to the NCIB will be purchased for cancellation, and all such purchases will be made on the open market through the facilities of the TSX and on alternative trading systems in Canada. The NCIB will be conducted through Eight Capital, a member of the TSX.

As at the close of business on October 27, 2021, there were 162,293,997 common shares issued and outstanding.

The daily average trading volume for Voyager's common shares over the last period from September 7, 2021 and October 27, 2021 is 472,413 common shares (the "ADTV"). Accordingly, under TSX rules and policies, Voyager is entitled on any trading day to purchase up to 118,103 common shares. Pursuant to TSX policies, the maximum number of Shares that may be purchased in one day pursuant to the NCIB through their facilities will be 25% of TSX ADTV, subject to certain prescribed exceptions.

Voyager had previously adopted an NCIB with the Canadian Securities Exchange  (the "CSE"), which entered into effect on May 30, 2021. A total of 247,500 shares were acquired through the CSE, at a volume weighted average purchase price of $18.93 per share. These shares were cancelled on July 12, 2021. Voyager delisted its shares on the CSE on September 3, 2021 and began trading on the TSX on September 7, 2021.

Voyager believes that its common shares have been trading in a price range which does not adequately reflect the value of such shares in relation to the business of Voyager and its future business prospects. As a result, depending upon future price movements and other factors, Voyager may determine that, at appropriate times, repurchasing common shares through the NCIB represents a good use of Voyager's financial resources. Furthermore, the purchases are expected to benefit all persons who continue to hold common shares by increasing their equity interest in the Company.

About Voyager Digital Ltd.
Voyager Digital Ltd. (TSX: VOYG; OTCQX: VYGVF; FRA: UCD2) is the fast-growing, publicly traded cryptocurrency platform in the United States founded in 2018 to bring choice, transparency, and cost efficiency to the marketplace. Voyager offers a secure way to invest and trade in over 60 different crypto assets, with zero commissions, using its easy-to-use mobile application, and earn rewards up to 12 percent annually on more than 30 cryptocurrencies. Through its subsidiary Coinify ApS, Voyager provides crypto payment solutions for both consumers and merchants around the globe. To learn more about the company, please visit https://www.investvoyager.com.

The TSX has not approved or disapproved of the information contained herein.

Press Contacts

Voyager Digital, Ltd.
Michael Legg
Chief Communications Officer
(212) 547-8807
mlegg@investvoyager.com

Voyager Public Relations Team
pr@investvoyager.com

This news release may contain statements that are not current or historical factual statements that may constitute forward-looking statements or future oriented financial information. These statements are based on certain factors and assumptions, including the price and liquidity of the common shares, expected financial performance, business prospects, technological developments, development activities, and like matters. While Voyager considers these factors and assumptions to be reasonable, based on information currently available, they may prove to be incorrect. These statements involve risks and uncertainties, including but not limited to the risk factors described in reporting documents filed by the Company. Actual results could differ materially from those projected as a result of these and other risks and should not be relied upon as a prediction of future events. The Company undertakes no obligation to update any forward-looking statement or future oriented financial information to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events, except as required by law. Estimates used in this presentation are from Company sources. Past or forecasted performance is not a guarantee of future performance and readers should not rely on historical results or forward-looking statements or future oriented financial information as an assurance of future results.

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SOURCE Voyager Digital (Canada) Ltd.

FAQ

What is the purpose of Voyager Digital's normal course issuer bid (NCIB)?

The NCIB aims to buy back shares to enhance shareholder value, as Voyager believes its shares are undervalued.

How many shares will Voyager Digital attempt to repurchase under the NCIB?

Voyager Digital may purchase up to 8,114,699 common shares, which is approximately 5% of its outstanding shares.

When does Voyager Digital's normal course issuer bid (NCIB) commence?

The NCIB will commence on November 2, 2021, and will last for 12 months.

What was the outcome of Voyager's previous NCIB?

In its previous NCIB, Voyager acquired 247,500 shares at an average price of $18.93.

How is Voyager Digital's NCIB related to its recent trading on the TSX?

The NCIB is being conducted on the TSX following Voyager's recent transition from the Canadian Securities Exchange.