Voyager Digital (Canada) Ltd. (TSX: VYGR) announced it has completed a deal with former shell company UC Resources to take Voyager public on the TSX Venture Exchange in Canada.
Voyager Digital is a crypto-asset broker for retail and institutional investors.
What To Know
In June, privately held Voyager Digital Holdings announced a share purchase agreement in which UC Resources would acquire all outstanding shares of Voyager Digital. On Thursday, Voyager announced UC Resources will be renamed Voyager Digital (Canada) Ltd., and the stock will qualify as a TSX Venture Tier 2 Company starting Feb. 11.
The new Voyager Digital (Canada) Ltd. has 47,935,112 shares issued and outstanding. The company has undergone three series of private placement financings since May 14, 2018, at prices ranging from 30 cents to 60 cents (U.S. dollars) per subscription receipt. Upon completion of the company’s change of business, all of these receipts will be converted to shares of stock.
Why It’s Important
In July, Voyager announced plans to offer commission-free trading for at least 15 major cryptocurrencies. Voyager is a startup with a long list of deep-pocketed investors, including Uber co-founder Oscar Salazar. The company intends to take on Robinhood, the market leader in no-fee crypto trading.
“This is a crucial step for our growing company as we now have a solid capital base with which to grow, expand and continually improve our offering for investors,” Voyager CEO Stephen Ehrlich said of the move to the TSX exchange. “More importantly, it allows the investing community to tap the public markets for exposure to this important asset class and financial utility that is built upon the technology of the future.”
The old UC Resources shares under the new Voyager Digital (Canada) Ltd. name will transition from the NEX to the TSX Venture Exchange and are expected to resume trading on Feb. 11. Once trading resumes, retail investors will have their first chance to invest in Voyager, and private shareholders will get their first idea of the public valuation of the company.
Voyager Digital is headquartered in New Jersey. Its last round of private fundraising valued the company at around $60 million.
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