Stock news: Robinhood enters Canada as Shopify ramps up share repurchases

The two companies announced the deal worth $250 million just over a year ago.

“WonderFi has extensive experience operating regulated crypto platforms that serve beginner and advanced crypto users alike, making it an ideal partner to accelerate Robinhood’s mission in Canada,” said Johann Kerbrat, general manager of crypto and international at Robinhood. “We’re pleased to have closed our acquisition and look forward to delivering innovative, user-centric investing products to Canadian customers.” 

The acquisition brings Robinhood’s international funded customer base to one million, an increase of 300,000. WonderFi employees are to join the 240 Robinhood workers already in Canada. Robinhood established a Canadian headquarters in Toronto in 2024 as an engineering hub.

Apotex looking to sell about $1 billion in shares in initial public offering

Drug company Apotex Health Corp. says it is looking to sell about $1 billion worth of shares in its initial public offering. The company says it expects to sell between 41.7 million and 50 million shares at a price between $20 and $24 per share.

The plan includes the sale of between 35.4 million and 42.5 million shares in a treasury offering by the company valued at a total of about $850 million. It also includes a secondary offering of between 6.25 million and 7.5 million shares by certain shareholders valued at a total of about $150 million.

The selling shareholders are also expected to grant an over-allotment option to the underwriters for up to an additional 6.25 million to 7.5 million shares at the offering price

Apotex, which has applied to list the shares on the Toronto Stock Exchange, has a broad portfolio of generic drugs and consumer health products.

Cogeco to take $1.7B non-cash charge related to U.S. telecom business

Cogeco Communications Inc. and Cogeco Inc. say they expect to take a non-cash impairment charge of about $1.7 billion related to its U.S. telecommunications segment. The companies say the charge, net of deferred income taxes, reflects the competitive environment in which they operate in the United States.

The exact amount will be finalized and recognized in their financial statements for the third quarter of their 2026 financial year.

Cogeco noted the non-cash charge does not affect its cash flows or day-to-day operations. 

It said it is working to strengthen its U.S. business, including growing its wireless service.

Cogeco has 1.6 million residential and business subscribers in Canada and 13 states in the United States.

Shopify announces US$3-billion increase to existing share repurchase program

Shopify Inc. is boosting its ongoing share buyback program by US$3 billion. The company says the increase is for the repurchase of Class A subordinate voting shares and brings its aggregate repurchase authorization to US$5 billion.    

As of June 1, Shopify says it has repurchased around US$1.45 billion under its current share repurchase authorization. The Ottawa-based e-commerce company says it will continue to execute its share repurchase program with no set quarterly or annual minimums.    

Jeff Hoffmeister, Shopify’s chief financial officer, says the announcement showcases confidence in the durability of the business. 

Shopify trades on both the TSX and Nasdaq and keeps its books in U.S. dollars.