Blockchain
WonderFi Announces 2022 Q1 Financial Results
Cash Reserves and Crypto Holdings Total $79.6 Million Post-February Financing
Vancouver, British Columbia–(Newsfile Corp. – February 11, 2022) – WonderFi Technologies Inc. (NEO: WNDR) (OTC Pink: WONDF) (WKN: A3C166) (FTX: WNDR) (the “Company” or “WonderFi“) today announced its quarterly financial results for the period ended December 31, 2021.
Financial Highlights (in CAD):
- Total assets as of December 31, 2021 were $46.9 million, including $28.8 million in cash and $11.3 million in crypto assets
- Net Cash Used in Operating Activities (Total Cash Burn) of $2.9 million for the quarter ended December 31, 2021
- Total loss and comprehensive loss of $5.7 million for the quarter ended December 31, 2021
Subsequent Financing
On February 4, 2022, WonderFi announced the closing of an upsized bought deal financing for gross proceeds of approximately $45 million. Post-financing the Company had cash, crypto holdings and other investments totaling $79.6 million including $64.3 million in cash and $14.5 million in crypto assets and other strategic investments, to enable continued execution of WonderFi business plan.
Access to Financial Statements and Management Discussion and Analysis
Complete financial statements along with related management discussion and analysis can be found in the System for Electronic Document Analysis and Retrieval, the electronic filing system for the disclosure documents of issuers across Canada at www.SEDAR.com.
Exercise of Over-Allotment Option
The Company also announces today that the syndicate of underwriters led by Canaccord Genuity Corp. and including Cormark Securities Inc., Haywood Securities Inc. and PI Financial Corp. (collectively, the “Underwriters“) have partially exercised their over-allotment option (the “Over-Allotment Option“) to acquire an additional 808,333 common share purchase warrants of the Company (“Warrants“) at a price of $0.20 per Warrant for additional gross proceeds of $161,666,60.
The Over-Allotment Option was granted to the Underwriters in connection with the Company’s previously announced “bought deal” public offering, which included the sale of 18,750,000 units (“Units“) at a price of $2.40 per Unit for aggregate gross proceeds of $45 million, which closed on February 4, 2021 (the “Offering“). Each Unit was comprised of one common share in the capital of the Company (“Common Share“) and one-half of one Warrant, with each whole Warrant exercisable into one Common Share at a price of $3.10 until February 4, 2024. Under the terms of the Offering, the Underwriters were granted the Over-Allotment Option, which was exercisable in whole or in part for a period of 30 days following the closing date of the Offering, to purchase up to an additional 2,812,500 Units at price of $2.40 per Unit, or a combination of Common Shares and Warrants at a price of $2.30 and $0.20, respectively, provided that the total number of Common Shares and Warrants did not exceed 2,812,500 and 1,406,250, respectively, for market stabilization purposes and to cover over-allotments.
The partial exercise of the Over-Allotment Option brings the total number of Common Shares and Warrants issued pursuant to the Offering to 18,750,000 and 10,183,333, respectively, for aggregate gross proceeds to $45,161,666.60.
The Units issued under the Offering (including the Warrants issued pursuant to the Over-Allotment Option) were offered by way of a short form prospectus dated January 31, 2022 in each of the provinces and territories of Canada, except Québec. Copies of the final short form prospectus and documents incorporated by reference therein are available electronically under the Company’s issuer profile on SEDAR at www.sedar.com.
The securities referred to in this news release have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“), or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, “U.S. Persons” (as such term is defined in Regulation S under the U.S. Securities Act) absent such registration or an applicable exemption from the registration requirements of the U.S. Securities Act. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.
Additional Information
For additional information, please contact:
WonderFi Technologies Inc.
Ben Samaroo, CEO
[email protected]
(778) 843-9637
Investor Relations Contact: [email protected]
Media Contact: [email protected]
ABOUT WONDERFI
WonderFi is a leading technology company with the mission of creating better access to digital assets through compliant centralized and decentralized platforms. WonderFi has a multi-pronged business strategy which includes a high-growth consumer finance app which will serve as a trusted gateway to the new financial system, and a digital asset portfolio which consists of leading crypto and DeFi assets. WonderFi’s executive team and Board of Directors have an established track record in finance and crypto, with previous experience at Amazon, Shopify, PayPal, Galaxy Digital and Hut 8. WonderFi’s core team of engineers and technologists believe that everyone should have equal access to finance, and are aligned in the mission to empower people around the world to access DeFi in a simple, smart and secure way. For more information, visit www.wonder.fi.
Forward-Looking Information and Statements
This press release contains certain “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated”, or variations of such words.
By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such information and statements. In addition, in connection with the forward-looking information and forward-looking statements contained in this press release, the Company has made certain assumptions. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information and statements are the following: the ability of the Company to work effectively with strategic investors; and changes in general economic, business and political conditions, including changes in the financial markets, changes in applicable laws, and compliance with extensive government regulation. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein.
Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward- looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice.
Neither NEO Exchange nor its Regulation Services Provider (as that term is defined in policies of the NEO Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Not for distribution to U.S. news wire services or dissemination in the United States.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/113642
Blockchain
39% of Canada’s institutional investors have exposure to crypto: KPMG
According to a report from CoinTelegraph, nearly forty percent of institutional investors in Canada have exposure to cryptocurrency, as revealed by KPMG. This finding underscores the growing acceptance and adoption of digital assets among institutional investors in the country.
The report indicates that a significant portion of institutional investors in Canada are actively investing in or exploring opportunities in the cryptocurrency market. This trend reflects a shift in sentiment towards digital assets, with more investors recognizing the potential for long-term growth and diversification offered by cryptocurrencies.
KPMG’s findings highlight the increasing mainstream acceptance of cryptocurrencies among traditional investors, as well as the growing interest in blockchain technology and its potential applications across various industries. As institutional investors continue to enter the cryptocurrency market, they are expected to bring additional capital and liquidity, further fueling the growth and maturation of the digital asset ecosystem.
Overall, KPMG’s report signals a significant milestone in the adoption of cryptocurrencies in Canada, indicating that institutional investors are increasingly recognizing the value proposition of digital assets and integrating them into their investment portfolios. This trend is likely to accelerate the broader adoption and mainstream acceptance of cryptocurrencies in the country and beyond.
Source: cointelegraph.com
The post 39% of Canada’s institutional investors have exposure to crypto: KPMG appeared first on HIPTHER Alerts.
Blockchain
BounceBit (BB) Megadrop Now Open: Participate by Subscribing to BNB Locked Products or Completing Web3 Quests
The BounceBit (BB) Megadrop is now open for participation, as announced by Blockchain.News. This event presents an exciting opportunity for users to earn BB tokens by engaging in various activities, including subscribing to BNB locked products and completing Web3 quests.
Participants can join the BB Megadrop by subscribing to BNB locked products or completing Web3 quests, both of which offer different avenues for earning BB tokens. By participating in these activities, users have the chance to accumulate BB tokens and potentially benefit from the rewards associated with the Megadrop.
Subscribing to BNB locked products allows users to earn BB tokens by locking their BNB assets for a specified period. This not only provides users with an opportunity to earn rewards but also contributes to the liquidity and stability of the BounceBit ecosystem.
Additionally, completing Web3 quests offers users an alternative way to earn BB tokens by engaging in various tasks and challenges related to Web3 technology. These quests provide users with a fun and interactive way to learn about blockchain and cryptocurrency while earning rewards in the form of BB tokens.
Overall, the BB Megadrop presents an exciting opportunity for users to participate in the BounceBit ecosystem and earn rewards by engaging in activities that contribute to the growth and development of the platform. As the Megadrop progresses, participants can look forward to additional opportunities to earn BB tokens and potentially benefit from the rewards associated with this event.
Source: blockchain.news
The post BounceBit (BB) Megadrop Now Open: Participate by Subscribing to BNB Locked Products or Completing Web3 Quests appeared first on HIPTHER Alerts.
Blockchain
Cronos collaborates with KYVE to revolutionize Blockchain Data
Cronos, a prominent blockchain platform, has announced a collaboration with KYVE aimed at revolutionizing blockchain data, as reported by CryptoNewsZ. This partnership represents a significant step forward in enhancing the efficiency and scalability of blockchain data storage and retrieval.
The collaboration between Cronos and KYVE seeks to leverage KYVE’s decentralized data storage and retrieval solution to enhance the capabilities of the Cronos blockchain platform. By integrating KYVE’s technology, Cronos aims to address the challenges associated with storing and accessing large volumes of data on the blockchain, such as scalability and cost-effectiveness.
KYVE’s decentralized data storage solution utilizes a network of distributed nodes to store and retrieve data, ensuring high availability and reliability. This approach not only improves the efficiency of data storage and retrieval but also enhances the security and resilience of the blockchain network.
The partnership between Cronos and KYVE is expected to unlock new possibilities for decentralized applications (dApps) and smart contracts built on the Cronos platform. By providing a more efficient and scalable solution for blockchain data management, Cronos aims to attract developers and enterprises seeking to leverage blockchain technology for a wide range of applications.
Overall, the collaboration between Cronos and KYVE represents a significant development in the blockchain industry, highlighting the importance of innovation and collaboration in driving the evolution of decentralized technologies. As the partnership progresses, it is poised to deliver transformative benefits for blockchain data management and accelerate the adoption of decentralized applications and services.
Source: cryptonewsz.com
The post Cronos collaborates with KYVE to revolutionize Blockchain Data appeared first on HIPTHER Alerts.
-
Blockchain Press Releases7 days ago
DWF Labs joins the Klaytn Governance Council
-
Blockchain7 days ago
Phoenix Group Engages BHM Capital as Liquidity Provider to Boost ADX Liquidity and Enhance Market Dynamics
-
Blockchain7 days ago
Tether USDT stablecoin goes live on TON blockchain
-
Blockchain7 days ago
Crypto fans count down to bitcoin’s ‘halving’
-
Blockchain Press Releases3 days ago
DeFi Lens builds advanced Generative AI for Technical Analysis
-
Blockchain2 days ago
Venezuela’s Oil Giant Turns to Crypto as US Sanctions Bite Again
-
Blockchain7 days ago
Crypto and Blockchain Weave Deeper Into the Biometrics Space – Identity News Digest
-
Blockchain2 days ago
Halving weakness sees $206 million exit crypto funds, Bitcoin miners pivot to AI