The company website suggests a dormant company with the contact person listed as accounting@vogogo.com (link). News releases provide the following description of the company: "Vogogo has provided payment processing and related transaction risk services and continues to own certain rights and software with respect to such services." Looking back, it appears that Vogogo had set up a Canadian bitcoin exchange that failed in mid-2016 (link), roughly a year after raising $12.5M through a brokered financing.
As of Sep. 30, the company still had $6.9M in cash and the MD&A indicates that: "In the latter half of 2016 and into 2017, the Board has been focused on identifying a vend-in opportunity for Vogogo with the over-arching goal of leveraging the Corporation’s cash in an operating business to create shareholder value." Somehow, Vogogo raised $6M on Nov. 1 by issuing 60 million units priced at $0.10/unit, of which the insiders took down 7.1M units. The stock was already trading at $0.38/share by that time, having suddenly started a sharp move up on increasing volume starting on Oct. 23. VGO closed today at $0.61 with 1.3M shares traded and the company has the balls to claim that there is no material undisclosed information? The stock chart tells me that some investors have been given more information than has been provided publicly, especially since this company has given the public absolutely zero information. IIROC may want to dig a little deeper on this one rather than taking the company's response at face value.
