Why Mogo Shares Are Falling

Mogo Inc MOGO shares are trading lower by 18.1% at $3.85 after the company announced a $27.5 million registered direct offering.

Mogo intends to use the net proceeds from the offering for working capital purposes and for potential future acquisitions of or investments in synergistic or strategic businesses, including, but not limited to, the exercise of warrants currently held by Mogo and the acquisition of and/or investments in businesses in the cryptocurrency space.

See Also: Is Palantir A Crypto Play? Why This Investor Says The Stock Should Be 'Significantly Higher'

Mogo is a Canadian-based financial technology company. It offers a finance application to consumers with solutions that help them to control their financial health. Users can sign up for a free account and get access to products and solutions that help users to monitor their credit score, protect themselves from identity fraud, control their spending and borrow responsibly.

Mogo has a 52-week high of $12.29 and a 52-week low of $2.85.