Business
WonderFi Announces Q1 2023 Financial Results
Raised $5 Million Financing and Earned $2.5 Million Revenue This news release constitutes "a de...
About this update from Wonderfi Technologies Inc
[{"type":"text","content":"WonderFi Announces Q1 2023 Financial ResultsRaised $5 Million Financing and Earned $2.5 Million RevenueThis news release constitutes \"a designated news release\" for the purposes of the Company's prospectus supplement dated December 23, 2022 to its short form base shelf prospectus dated September 7, 2022.Vancouver, British Columbia--(Newsfile Corp. - May 15, 2023) - WonderFi Technologies Inc. (TSX: WNDR) (OTCQB: WONDF) (WKN: A3C166) (the \"Company\" or \"WonderFi\") today announced its first quarter 2023 financial results for the period ended March 31, 2023. All financial references are in Canadian dollars unless otherwise noted.Financial Highlights:$2.5 million revenue earned in 2023 Q1. Raised $5 million gross proceeds through a brokered private placement.$314 million in total client assets held on the Bitbuy Technologies Inc. (\"Bitbuy\") and Coinberry Limited (\"Coinberry\") platforms as of March 31, 2023.Operating Highlights:Teamed with Scottie Barnes as the Company seeks to educate Canadian crypto investors on the benefit of using a registered, locally based trading platform and evolves to a one-stop shop for Canadians looking to build their portfolio.Partnered with Cumberland to further enhance liquidity on the Bitbuy platform.Resignation of John Rim as Chief Financial Officer of WonderFi effective as of February 8, 2023, and appointment of Andeena Wen, VP Finance, as Interim Chief Financial Officer. Subsequent to March 31, 2023:On April 2, 2023, WonderFi, Coinsquare Ltd. and CoinSmart Financial Inc. entered into a business combination agreement to combine their respective businesses (the \"Transaction\"). The combined company will integrate operations to offer one of the largest, regulated crypto asset trading platforms in Canada and will provide Canadians with a wide range of diversified products and services, including both retail and institutional crypto trading and B2B crypto payment processing. Access to Financial Statements and Management Discussion and AnalysisComplete financial statements along with related management discussion and analysis, as well as a copy of the business combination agreement and documentation related to the Transaction, can be found in the System for Electronic Document Analysis and Retrieval (\"SEDAR\"), the electronic filing system for the disclosure documents of issuers across Canada at...