/NOT FOR DISSEMINATION IN THE U.S. OR FOR
DISTRIBUTION TO U.S. NEWSWIRE SERVICES/
NEW YORK, Sep. 3, 2019 /CNW/ - Galaxy Digital Holdings Ltd.
(TSXV: GLXY; Frankfurt: 7LX)
("Galaxy Digital" or the "Company") today announced that the
Company has submitted notice to the TSX Venture Exchange ("TSXV" or
the "Exchange") to commence a normal course issuer bid (a "Bid") to
purchase up to approximately 7.3% of the Company's issued and
outstanding ordinary shares and 10% of the Company's public
float. The Bid will terminate on the earlier of the date
determined by the Company and September
3, 2020.
Galaxy Digital believes that its underlying value may not be
reflected in the current market price of its shares and that
purchasing its own ordinary shares is consistent with the Company's
objective of creating long term shareholder value. Galaxy Digital
intends to drive 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
repurchasing shares, amongst others. The Company has ample
liquidity to execute on its objective. As of June 30, 2019,
Galaxy Digital had US$203.8 million
of liquidity comprised of cash and net digital assets, further net
of forward commitments and projected annual operating expenses.
Purchases will be made on the open markets through the
facilities of the TSXV 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.
Pursuant to the Bid, as at August 28,
2019, Galaxy Digital is permitted to repurchase up to
4,916,431 ordinary shares. All shares will be purchased for
cancellation.
The Bid has been approved by the Company's Board of Directors;
however, it is subject to acceptance by the Exchange and, if
accepted, will be made in accordance with the applicable rules and
policies of the Exchange, and applicable Canadian securities
laws.
Purchases under the Bid will be made from time to time by GMP
Securities LP ("GMP") on behalf of the Company. The Company may
enter into a pre-defined automatic securities purchase plan with
GMP to allow for the repurchase of shares at times when the Company
ordinarily would not 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. Outside of the
restricted periods, the timing of purchases will be determined by
management of the Company.
About Galaxy Digital
Galaxy Digital is a diversified, multi-service merchant bank
dedicated to the digital assets and blockchain technology
industry. Galaxy Digital's team has extensive experience
spanning investing, portfolio management, capital markets,
operations, asset management, and blockchain technology.
Galaxy Digital currently operates four distinct business lines,
which include: Trading, Asset Management, Principal Investments and
Advisory Services. Galaxy Digital's CEO and Founder is
Michael Novogratz. The Company
is headquartered in New York City,
with offices in Tokyo,
Hong Kong, the Cayman Islands (registered office) and New
Jersey. Additional information about the Company's businesses
and products is available on www.galaxydigital.io.
Disclaimers and Additional Information
The TSXV has neither approved nor disapproved the contents of
this press release. Neither the TSXV nor its Regulation Services
Provider (as that term is defined in the policies of the TSXV)
accepts responsibility for the adequacy or accuracy of this
release.
Certain information in this press release, including, but not
limited to, statements regarding the Bid, 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. Forward looking statements are subject
those risks discussed in the risks and uncertainties section in the
Partnership's and the Company's Management Discussion and Analysis
for the year ended December 31,
2018. Factors that could cause actual outcomes related to the
Bid 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. 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. Information
identifying assumptions, risks and uncertainties relating to the
Company are contained in Galaxy Digital's filings with the Canadian
securities regulators available at www.sedar.com. 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.
All figures are in U.S. Dollars unless otherwise noted.
SOURCE Galaxy Digital Holdings Ltd
