Announcement • Jul 12
Siskinds LLP Announces Filing of Proposed Securities Class Action Against Voyager Digital Ltd Siskinds LLP has commenced a proposed securities class action against Voyager Digital Ltd. and other Defendants. The class action is brought on behalf of investors, wherever they may reside or be domiciled, who acquired Voyager Digital securities on the secondary market between October 28, 2021 and July 5, 2022. Announcement • Jul 08
Motion for Joint Administration Approved for Voyager Digital Holdings, Inc. The US Bankruptcy Court granted an order for the joint administration of the Chapter 11 bankruptcy cases of Voyager Digital Holdings, Inc., and its affiliates on July 6, 2022. The affiliates include Voyager Digital Ltd. and Voyager Digital, LLC. The cases would be jointly administered for administrative and procedural purposes. Voyager Digital Holdings, Inc., has been designated as the lead debtor. Announcement • Jul 06
Voyager Digital Holdings, Inc. Filed for Bankruptcy Voyager Digital Holdings, Inc., along with its two affiliates, filed a voluntary petition for reorganization under Chapter 11 in the US Bankruptcy Court for the Southern District of New York on July 5, 2022. The debtor listed both its assets in the range of $1 billion to $10 billion. The debtor is represented by Joshua Sussberg of Kirkland & Ellis LLP as its legal counsel. The debtor also employed Kirkland & Ellis International LLP as legal counsel, Berkeley Research Group, LLC as financial advisor, Moelis & Company as investment banker, Consello Group as strategic and financial advisor, Alvarez & Marsal Canada Inc. as information officer, Fasken Martineau DuMoulin LLP as Canadian Bankruptcy counsel, Blake, Cassels & Graydon LLP as counsel and Stretto, Inc. as claims and noticing agent. Announcement • Jul 02
Voyager Digital LLC Provides Market Update Voyager Digital LLC announced it is temporarily suspending trading, deposits, withdrawals and loyalty rewards, effective at 2:00 p.m. Eastern Daylight Time July 1, 2022. Reported Earnings • May 16
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: US$0.36 loss per share (up from US$0.49 loss in 3Q 2021). Revenue: US$102.7m (up 70% from 3Q 2021). Net loss: US$61.4m (loss narrowed 10% from 3Q 2021). Revenue exceeded analyst estimates by 2.6%. Earnings per share (EPS) also surpassed analyst estimates by 100%. Over the next year, revenue is forecast to grow 30%, compared to a 26% growth forecast for the industry in Canada. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has increased by 106% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 12
Voyager Digital Ltd Sued in Miami Federal Court On December 24, 2021, after months of investigation, Mark Cassidy, through The Moskowitz Law Firm PLLC and Grossman Roth Yaffa Cohen, P.A., filed a class action Complaint before Chief Judge Cecilia M. Altonaga in the Southern District of Florida, captioned Mark Cassidy v. Voyager Digital Ltd., et al., Case No. 21-24441-CIV-ALTONAGA/Torres (S.D. Fla.). On April 28, 2022, plaintiff filed his Amended Complaint with additional expert support to, among other things, include allegations Voyager engaged in the unlawful offer and sale of unregistered securities in violation of Sections 5(a) and 5(c) of the Securities Act of 1933 by selling EPAs to persons or entities in the United States on or after December 24, 2020. Any member of this putative class may move within 60 days of this publication to seek to serve as a lead plaintiff. Voyager has raised numerous defenses, including arguing the Court lacks personal jurisdiction over its Canadian parent company and that plaintiff manifested his agreement to Voyager's User Agreement (containing an Arbitration Provision, which Voyager argues includes a delegation clause requiring claimants to submit threshold issues to the arbitrator) through clicking a box affirming his agreement at registration. Voyager was required to file one consolidated motion to dismiss by next week, where they state they will raise numerous other defenses to these alleged claims. Board Change • Mar 30
High number of new directors Independent Non-Executive Director Brian Brooks was the last director to join the board, commencing their role in 2021. Recent Insider Transactions • Mar 11
Key Executive recently bought CA$248k worth of stock On the 7th of March, Philip Eytan bought around 32k shares on-market at roughly CA$7.71 per share. This was the largest purchase by an insider in the last 3 months. Philip has been a buyer over the last 12 months, purchasing a net total of CA$247k worth in shares. Reported Earnings • Feb 17
Second quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2022 results: EPS: US$0.015 (up from US$0.074 loss in 2Q 2021). Revenue: US$164.8m (up US$161.3m from 2Q 2021). Net income: US$2.59m (up US$11.6m from 2Q 2021). Profit margin: 1.6% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 12%. Earnings per share (EPS) missed analyst estimates by 93%. Over the next year, revenue is forecast to grow 61% compared to a 55% decline forecast for the industry in Canada. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has increased by 129% per year, which means it is tracking significantly ahead of earnings growth. Breakeven Date Change • Feb 17
Forecast breakeven date pushed back to 2023 The 7 analysts covering Voyager Digital previously expected the company to break even in 2022. New consensus forecast suggests losses will reduce by 52% to 2022. The company is expected to make a profit of US$141.8m in 2023. Average annual earnings growth of 193% is required to achieve expected profit on schedule. Announcement • Jan 06
Voyager Digital Ltd. Provides Revenue Guidance for the Second Quarter Ended December 31, 2021 Voyager Digital Ltd. provided revenue guidance for the second quarter ended December 31, 2021. The company expects preliminary total revenue of $165 million. Board Change • Jan 03
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 2 experienced directors. No highly experienced directors. Co-Founder, CEO & Director Steve Ehrlich is the most experienced director on the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Dec 06
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 2 experienced directors. No highly experienced directors. Co-Founder, CEO & Director Steve Ehrlich is the most experienced director on the board, commencing their role in 2018. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 31
Full year 2021 earnings released: US$0.39 loss per share (vs US$0.13 loss in FY 2020) The company reported a solid full year result with improved revenues and control over costs, although losses increased. Full year 2021 results: Revenue: US$175.1m (up US$173.9m from FY 2020). Net loss: US$51.5m (loss widened 406% from FY 2020). Announcement • Aug 04
Voyager Digital Ltd. (CNSX:VYGR) entered into a share purchase agreement to acquire Coinify ApS for $83.9 million. Voyager Digital Ltd. (CNSX:VYGR) entered into a share purchase agreement to acquire Coinify ApS for $83.9 million on August 2, 2021. Under the terms, Voyager will pay $15 million in cash and will issue 5.1 million newly issued shares of Voyager of which 1.5 million shares are subject to a lock-up agreement which provides that they may only be sold 30 days after the closing date, 3,281,250 shares are subject to a lock-up period ending on the earlier on 12 months from the closing date and the date the Company is listed on NASDAQ while 318,750 of the shares will be issued 12 months from the closing date. As part of the agreement, the Company will retain US$5.5 million of cash on the Coinify balance sheet. Voyager will retain substantially all current Coinify employees, entering into employment agreements with key members of the management team. Fort Capital Partners acted as financial advisor to Voyager. Fasken Martineau DuMoulin LLP, Baker & Mckenzie Llp and Accura Advokataktieselskab acted as legal advisors to Voyager. Keefe, Bruyette, & Woods, Inc. acted as financial and Bruun & Hjejle acted as legal advisors to Coinify. Announcement • Jul 16
Voyager Digital Ltd. Provides Preliminary Earnings Guidance for the Fourth Quarter of 2021 Voyager Digital Ltd. provided preliminary earnings guidance for the fourth quarter of 2021. The company revenue expected to be between $103 million and $107 million. Executive Departure • Jun 02
Independent Director has left the company On the 20th of May, Jeffrey Lightfoot's tenure as Independent Director ended after 3.4 years in the role. We don't have any record of a personal shareholding under Jeffrey's name. A total of 3 executives have left over the last 12 months. Executive Departure • Jun 02
Independent Director has left the company On the 20th of May, Guy Elliott's tenure as Independent Director ended after 2.3 years in the role. As of March 2021, Guy personally held 1.43m shares (CA$47m worth at the time). A total of 3 executives have left over the last 12 months. Executive Departure • Jun 02
Independent Director has left the company On the 20th of May, Jarrett Lilien's tenure as Independent Director ended after 2.3 years in the role. We don't have any record of a personal shareholding under Jarrett's name. A total of 3 executives have left over the last 12 months. Breakeven Date Change • May 30
Forecast breakeven pushed back to 2022 The 3 analysts covering Voyager Digital previously expected the company to break even in 2021. New consensus forecast suggests the company will make a profit of US$173.3m in 2022. Average annual earnings growth of 209% is required to achieve expected profit on schedule. Reported Earnings • May 30
Third quarter 2021 earnings released: US$0.49 loss per share (vs US$0.021 loss in 3Q 2020) The company reported a solid third quarter result with improved revenues and control over costs, although losses increased. Third quarter 2021 results: Revenue: US$60.4m (up US$60.2m from 3Q 2020). Net loss: US$68.6m (loss widened US$66.9m from 3Q 2020). Recent Insider Transactions Derivative • Apr 30
Chief Operating Officer exercised options to buy CA$3.3m worth of stock. On the 21st of April, Gerard Hanshe exercised options to buy 142k shares at a strike price of around CA$0.37, costing a total of CA$53k. This transaction amounted to 710% of their direct individual holding at the time of the trade. Since June 2020, Gerard's direct individual holding has decreased from 59.25k shares to 20.00k. Company insiders have collectively sold CA$12m more than they bought, via options and on-market transactions in the last 12 months. Announcement • Feb 19
Voyager Digital Ltd. to Report Q2, 2021 Results on Mar 01, 2021 Voyager Digital Ltd. announced that they will report Q2, 2021 results After-Market on Mar 01, 2021 Announcement • Feb 13
Voyager Digital Ltd. announced that it has received CAD 129.770996 million in funding On February 12, 2021, Voyager Digital Ltd. (CNSX:VYGR) closed the transaction. Announcement • Feb 10
Voyager Digital Ltd. announced that it expects to receive CAD 95.685 million in funding Voyager Digital Ltd. (CNSX:VYGR) announced a private placement on a best-efforts basis of common shares for gross proceeds of $75,000,000 (CAD 95,685,000) on February 8, 2020. The company has an option to increase the size of the transaction to $100,000,000 (CAD 127,580,000) subject to agent's agreement. The transaction is expected to close on or about February 12, 2021. The transaction is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the approval of the Canadian Securities Exchange. Announcement • Feb 04
Voyager Digital Ltd Appoints Daniel Costantino, Cissp, Cism, Ceh, as Chief Information Security Officer Voyager Digital Ltd. announced it has appointed Daniel Costantino, CISSP, CISM, CEH, as Chief Information Security Officer. Mr. Costantino joins Voyager from Penn Medicine, where he was the Associate CIO and CISO. He will spearhead Voyager's implementation and maturity of several information technology and security programs, including further enhancements to infrastructure scalability and best-in-class security safeguards to continue ensuring complete platform and account protection to customers. In his most recent role at Penn Medicine, Dan led the IT Infrastructure and Information Security departments, managing a $60 million budget, while protecting and enabling one of the United States' leading schools of medicine, six hospitals, over 40,000 employees, and millions of patient records. He implemented comprehensive security programs and technologies, including vulnerability management for over 150,000 devices, identity protection, application and data protection safeguards, incident response, cloud computing infrastructure design, EMR security, and security operations. Further, Dan completed development and staffing of a 24/7 security operations center (SOC) for Penn Medicine, including active security monitoring, forensic analysis, threat intelligence, and technical orchestration of day-to-day security operations. Announcement • Jan 31
Voyager Digital Ltd. Reports Putting App Temporarily in Maintenance Mode Last Night Due to Surge in New Accounts Voyager Digital Ltd. announced that the Company temporarily put its app in maintenance mode last night to address unexpected growth in accounts and onboard approximately 100 new accounts per minute for a period of time. Voyager believes the surge in accounts is due to competitive products temporarily restricting users from certain stocks and crypto currencies that have surged in recent days as widely reported in the media. The sudden growth Voyager experienced resulted in Voyager having to quickly expand its infrastructure capacity overnight to ensure the handling of these unexpected accounts. The Voyager App is currently up and running and handling all orders in the normal course of business, and Voyager will be managing the situation throughout the day. Announcement • Jan 22
Voyager Digital Ltd. announced that it has received $46.000004 million in funding On January 21, 2021, Voyager Digital Ltd. (CNSX:VYGR) closed the transaction. The company has issued 8,363,637 shares at the price of $5.5 per share for gross proceeds of $46,000,003.5 Announcement • Jan 15
Voyager Digital Ltd. announced that it expects to receive $25 million in funding Voyager Digital Ltd. (CNSX:VYGR) announced that it has entered into an agreement with RF Securities Clearing LP to complete private placement of common shares on a best efforts basis for gross proceeds of up to $25,000,00 on January 14, 2021. The transaction is scheduled to close on or about January 22, 2021 and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the approval of the Canadian Securities Exchange. Announcement • Dec 30
Voyager Digital Ltd. Resumes Normal Operations Voyager Digital Ltd. reports that it has resumed normal operations as of approximately 9:30 AM EST December 29, 2020. Voyager's systems are up and running for trading. As a part of security and safety procedures, all users were logged out of the app and will be required to log back in to access their account. The vast majority of users will be able to access the app, a small subset of users may experience a slight delay in connecting as the system fully reboots. Is New 90 Day High Low • Dec 15
New 90-day high: CA$2.55 The company is up 166% from its price of CA$0.96 on 15 September 2020. The Canadian market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 7.0% over the same period. Announcement • Dec 13
Voyager Digital Ltd. (CNSX:VYGR) completed the acquisition of LGO Europe SAS. Voyager Digital Ltd. (CNSX:VYGR) agreed to acquire LGO Europe SAS for €0.43 million on October 22, 2020. At closing, Voyager Digital Ltd., will issue approximately 1 million shares to the LGO Europe SAS shareholders. Voyager Digital Ltd., will merge its European operations into LGO Europe SAS. The transaction is subject to regulatory approval, due diligence and traditional closing conditions which should be completed by year end of 2020.
Voyager Digital Ltd. (CNSX:VYGR) completed the acquisition of LGO Europe SAS on December 11, 2020. The transaction gives Voyager direct control of the regulated entity which will allow the Company to expedite its European strategy. Recent Insider Transactions • Dec 05
Key Executive recently bought CA$63k worth of stock On the 2nd of December, Philip Eytan bought around 40k shares on-market at roughly CA$1.57 per share. This was the largest purchase by an insider in the last 3 months. Philip has been a buyer over the last 12 months, purchasing a net total of CA$63k worth in shares. Announcement • Dec 05
Voyager Digital Ltd. Announces Digital Asset Investing Solutions on Algorand Voyager Digital Ltd. announced that the Company will provide new financial offerings through enhanced integration of the Algorand Protocol. Voyager will also enable users to earn 8.5% on USDC supported on Algorand, when lent through Voyager's services. Voyager's support for USDC and Algorand Standard Assets (ASA) will seamlessly enable users to avail of the transaction speed and guaranteed finality of the Algorand protocol, with full integration on the Voyager platform. Voyager will develop USDC payment rails on the Algorand protocol, such that consumers will have the ability to buy, hold, trade, and self-custody their USDC, ALGO, and Alogrand Standard Assets on Voyager. The Algorand Protocol will make USDC transactions more efficient and less costly for consumers, as well as bring interest-bearing benefits to customers. Going forward, this development will facilitate future ASA tokens to be bought, sold, or transferred through the Voyager platform. This adds to the growing Decentralized Finance and new financial applications coming to the Algorand ecosystem, as well as the Voyager Platform. Reported Earnings • Dec 04
First quarter 2021 earnings released: US$0.036 loss per share First quarter 2021 results: Net loss: US$3.97m (loss widened 58% from 1Q 2020). Announcement • Nov 28
Voyager Digital Ltd. announced that it expects to receive CAD 7.000013 million in funding Voyager Digital Ltd. (CNSX:VYGR) announced that it intends to complete a private placement of 4,666,675 special warrants on commercially reasonable best efforts basis at a price of CAD 1.50 per warrant for gross proceeds of up to CAD 7,000,00 on November 27, 2020. Each special warrant entitles the holder to receive one unit of the company, without any additional payment. Each unit comprises of one common share of the company and one-half of one common share purchase warrant. Each warrant entitles the holder thereof to purchase an additional common shares of the company at a price of CAD 2.50 per share for a period of 2 years from the date of closing of the transaction. All the securities to be issued in the transaction are subject to a hold period of four months from the date of issuance. The transaction is subject to the completion of formal documentation, including but not limited to, the execution of an agency agreement with the placement agents in connection with the transaction and receipt of regulatory approvals, including approval of the Canadian Securities Exchange. The company has granted over-allotment option to the placement agents to increase gross proceeds by 15% to CAD 8,050,014. The transaction is expected to close in December 2020 on a date to be determined by the agent. Is New 90 Day High Low • Nov 24
New 90-day high: CA$1.25 The company is up 40% from its price of CA$0.89 on 25 August 2020. The Canadian market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 4.0% over the same period. Is New 90 Day High Low • Nov 03
New 90-day high: CA$1.05 The company is up 7.0% from its price of CA$0.98 on 05 August 2020. The Canadian market is down 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is down 10.0% over the same period. Announcement • Oct 08
Voyager Digital Ltd. Adds Institutional/Corporate Account Offering Voyager Digital Ltd. announced it has added a new institutional offering to the Voyager Platform, expanding its reach to corporate treasury desks and institutional accounts, while also launching an OTC desk to add institutional accounts to the platform. Voyager's new institutional offering assists corporate treasury desks in expanding yield for its balance sheet. Lewis Bateman, Head of International and Business Development for Voyager, will oversee Voyager's institutional business. Announcement • Oct 03
Voyager Digital Ltd. announced that it has received $5.32661 million in funding On September 10, 2020, Voyager Digital Ltd. (CNSX:VYGR) closed the transaction. The company has issued 6,266,600 warrants for gross proceeds of CAD 5,326,610. The company has issued $2,871,138 of securities pursuant to exemption provided under Regulation D from 3 investors. Announcement • Oct 01
Voyager Digital Announces Appointment of Lewis Bateman as Head of Business Development and International Strategy Voyager Digital Ltd. announced it has appointed Mr. Lewis Bateman as Head of Business Development and International Strategy. Based in Toronto, Mr. Bateman will report directly to Voyager's Co-founder and CEO, Steve Ehrlich. He will focus on building out Voyager's regulatory compliant international infrastructure in North America, Europe and Latin America, and will develop additional strategic relationships to accelerate Voyager's growth. Announcement • Aug 26
Voyager Digital Ltd. announced that it expects to receive $5.0014 million in funding Voyager Digital Ltd. (CNSX:VYGR) announced a private placement on best efforts basis of 5,884,000 special warrants at an issue price of $0.85 per warrant for the gross proceeds of $5,001,400 on August 25, 2020. Each special warrant will be convertible into one unit of the company. Each unit will consist of one common share of the company, and one half of one common share purchase warrant, with each warrant being exercisable to acquire one common share of the company at an exercise price of $0.87192 (CAD 1.15) per warrant share for a term of three years following the closing of the offering. The company has granted the agents an over-allotment option, exercisable in whole or in part, at any time and from time to time up to 48 hours prior to the closing date, to increase the size of the offering by up to 15%, that would be $5,751,610 of the number of special warrants sold pursuant to the offering, on the same terms and conditions as the offering. The securities issued in connection with the offering will be subject to a 4 month hold period from the date of the closing of the offering. The transaction is expected to close in September 2020. The transaction is subject to receipt of all necessary approvals including the approval of the Exchange and the securities regulatory authorities and the execution of a definitive agency agreement with the agents. Announcement • Jul 21
Voyager Digital Ltd. to Report Fiscal Year 2020 Results on Sep 30, 2020 Voyager Digital Ltd. announced that they will report fiscal year 2020 results at 8:05 PM, GMT Standard Time on Sep 30, 2020 Announcement • Jun 16
Voyager Digital (Canada) Ltd. announced that it has received $2.161281 million in funding from Susquehanna Government Products, LLLP, Streamlined Ventures, Market Rebellion, LLC On June 15, 2020, Voyager Digital (Canada) Ltd. (CNSX:VYGR) closed the transaction. All the securities issued in connection with the transaction are subject to trading restrictions. 
