Voyager Digital Ltd. (OTCQB: VYGVF) recently put a $0.098 to $30.20 price range on board, closing up 18.02 percent on the previous trading day at $19.98. Voyager Digital’s stock fell nearly -18.85% this month; average trading volume was over 1.73M shares for the month. On the news of the share repurchase plan, the VYGVF stock rose.
What was the plan?
The Voyager Digital holding company owns subsidiaries that operate a crypto-asset platform that offers retail and institutional investors access to invest in crypto assets. A wide range of crypto assets is available from Voyager Platform, including a range of execution methods and a custody solution.
A normal course issuer bid (NCIB) has been adopted by Voyager Digital under which it can repurchase up to 5% of its Common Shares, announced VYGVF in a press release yesterday.
- The NCIB will be initiated on May 30, 2021, and will end on May 30, 2022.
- Under the NCIB, all shares are to be purchased at the market price at the time of purchase, and the purchase will be conducted through the Canadian Securities Exchange.
- Shares of common stock repurchased by VYGVF under the NCIB will be cancelled.
- To carry out the NCIB, VYGVF intends to appoint Eight Capital.
How does the CEO see it?
Stephen Ehrlich, CEO, and Co-Founder of Voyager said that the Voyager common shares that have been repurchased by NCIB will allow Voyager Digital (VYGVF) some flexibility in managing its market price, which will better reflect the VYGVF’s financial performance and future projections, and in turn, improve shareholder value.