Having earlier confirmed the launch of a marketed public offering of its Class A Subordinate Voting Shares in the US and Canada this week, Score Media and Gaming Inc has announced the pricing of said shares.
The underwriters have agreed to purchase 6,000,000 Class A Shares from the company, at a price of US$27 per share, for aggregate gross proceeds to the company of US$162,000,000. The size of the offering has been increased from the previously announced 5,000,000 Class A Shares.
The Class A Shares were scheduled to begin trading today on the Nasdaq Global Select Market under the symbol “SCR” and will continue to trade on the Toronto Stock Exchange under the symbol “SCR”. The offering is expected to close on March 1, 2021, subject to customary closing conditions.
The offering is being conducted through a syndicate of underwriters led by Morgan Stanley, Credit Suisse, Canaccord Genuity and Macquarie Capital, as joint book-running managers, with Eight Capital, Cormark Securities Inc and Scotia Capital Inc as co-managers.
The company has granted the underwriters an over-allotment option, exercisable for a period of 30 days from the date of the closing of the offering, to purchase up to an additional 900,000 Class A Shares, representing up to 15% of the total number of Class A Shares to be sold pursuant to the offering.
The company said that it currently expects that the net proceeds of the offering will be used to fund working capital and other general corporate purposes, including the continued growth and expansion of theScore Bet’s operations in the US and Canada.