NEW YORK ,
May 16,
2022 /CNW/ - Galaxy Digital Holdings Ltd. (TSX: GLXY)
("Galaxy Digital" or "the Company"), a financial services and
investment management innovator in the digital asset,
cryptocurrency, and blockchain technology sectors, today announced
that the Toronto Stock Exchange ("TSX" or the "Exchange") has
approved the Company's plan to commence a normal course issuer bid
(a "Bid") to purchase up to 10,596,720 ordinary shares (10% of the
Company's public float as of May 10,
2022).
The Company intends to commence the Bid on May 18, 2022. The Bid will terminate on
May 17, 2023, or earlier if the
maximum number of shares under the Bid have been purchased. The
Company reserves the right to terminate the Bid earlier if it feels
it is appropriate to do so. The Company has not made any purchases
of its ordinary shares during the past twelve months.
The Company may use the program opportunistically at times when
it believes that the current market price of its shares does not
reflect their intrinsic value and that purchasing its own ordinary
shares is consistent with the objective of creating long term
shareholder value. Galaxy Digital intends to continue driving
long-term value for shareholders by (i) investing in its business
lines and growing its capabilities, (ii) supplementing its
capabilities through disciplined strategic investments and
acquisitions, and (iii) opportunistically optimizing its capital
resources, amongst others. The Company has ample liquidity to
execute on its objective.
Additional information regarding the Bid:
- Daily purchases will be limited to 182,322 ordinary shares,
other than block purchase exceptions. As at May 10, 2022, the Company had 111,995,742
ordinary shares issued and outstanding and a public float of
105,967,204 ordinary shares.
- Subject to approval of the TSX, the Company may enter into a
share purchase plan (the "Plan") to facilitate the purchase of
ordinary shares pursuant to the bid and under which its broker may
purchase ordinary shares according to a prearranged set of
criteria. If implemented, the Plan will enable the purchase of
ordinary shares at any time, including when the Company would not
ordinarily be active in the market due to its own internal trading
blackout periods, insider trading rules or otherwise. Any such
plans entered into will be adopted in accordance with applicable
securities laws and announced by press release. Outside of the
restricted periods, the timing of purchases will be determined by
management of the Company.
- Purchases will be made on the open markets through the
facilities of the TSX as well as through alternate trading systems
in Canada upon which the shares
are traded. The actual number of shares that may be purchased under
the Bid, the value of the consideration per share, and the exact
timing of any such purchases will be determined by the Company and
will depend on, among other things, future market conditions. All
shares will be purchased for cancellation.
- All shares purchased by the Company under the Bid will be
purchased at the market price at the time of acquisition in
accordance with the rules and policies of the TSX and applicable
securities laws. All purchases will be funded out of the Company's
working capital.
- The Bid has been approved by the Company's Board of
Directors.
- The ordinary shares will be purchased on behalf of the Company
by Goldman Sachs Canada Inc.
- The average daily trading volume for the six calendar months
prior to May 10, 2022 was 729,291
ordinary shares.
About Galaxy Digital
Galaxy Digital (TSX: GLXY) is a technology-driven financial
services and investment management firm that provides institutions
and direct clients with a full suite of financial solutions
spanning the digital assets ecosystem. Galaxy Digital operates in
the following businesses: Trading, Asset Management, Investment
Banking, Mining and Principal Investments. Galaxy Digital's CEO and
Founder is Mike Novogratz. The
Company is headquartered in New York
City, with offices in Chicago, Jersey
City, London, Amsterdam, Tokyo, Hong
Kong, and the Cayman
Islands (registered office).
Additional information about the Company's businesses and
products is available on www.galaxydigital.io.
Disclaimers
The TSX has not approved or disapproved of the information
contained herein.
CAUTION ABOUT FORWARD-LOOKING
STATEMENTS
Certain information in this press release, including, but not
limited to, statements regarding the Bid and strategy to drive
long-term shareholder value, may constitute forward looking
information (collectively, forward-looking statements), which can
be identified by the use of terms such as "may," "will," "should,"
"expect," "anticipate," "project," "estimate," "intend," "continue"
or "believe" (or the negatives) or other similar variations.
Because of various risks and uncertainties, including those
referenced below, actual events or results may differ materially
from those reflected or contemplated in such forward-looking
statements. Factors that could cause actual outcomes related to the
Bid or strategy to differ materially from those described in such
forward-looking statements include, but are not limited to, a
change in the price of the Company's ordinary shares or in the
digital asset market or general economic conditions or regulatory
approvals. These forward-looking statements involve a number
of risks, uncertainties (some of which are beyond our control) or
other assumptions that may cause actual results or performance to
be materially different from those expressed or implied by these
forward-looking statements. These risks include, but are not
limited to: the Company may decide not to repurchase any ordinary
shares pursuant to the Bid; the Company's ordinary shares may
experience price and trading volume volatility; changes in
applicable laws or regulations; the possibility that the Company
may be adversely affected by other economic, business, and/or
competitive factors; changes or events that impact the
cryptocurrency industry, including potential regulation, that are
out of our control; the risk that our business will not grow in
line with our expectations or continue on its current trajectory;
the possibility that our addressable market is smaller than we have
anticipated and/or that we may not gain share of it; and those
other risks contained in the Annual Information Form for the year
ended December 31, 2021 available on
the Company's profile at www.sedar.com. In connection with the
forward-looking statements contained in this press release, the
Company has made assumptions that no significant events occur
outside of the Company's normal course of business.
Forward-looking statements are not guarantees of future
performance, accordingly, you should not put undue reliance on
forward-looking statements. The forward-looking statements in this
press release are applicable only as of the date of this release or
as of the date specified in the relevant forward-looking statement
and Galaxy Digital undertakes no obligation to update any
forward-looking statement to reflect events or circumstances after
that date or to reflect the occurrence of unanticipated events.
SOURCE Galaxy Digital Holdings Ltd.