Score Media and Gaming Inc. today announced the launch of a marketed public offering of theScore’s Class A Subordinate Voting Shares in the United States and Canada, representing theScore’s initial public offering in the United States.
In connection with the initial public offering of the Class A Shares in the United States, theScore has filed an application to list the Class A Shares on the Nasdaq Global Select Market (the “Nasdaq”) under the symbol “SCR”. Trading of the Class A Shares is expected to commence on the Nasdaq following pricing of the offering. The Class A Shares will continue to trade on the Toronto Stock Exchange (the “TSX”) under the symbol “SCR”.
A total of 5,000,000 Class A Shares will be offered for sale by the Company in the offering, which will be conducted through a syndicate of underwriters led by Morgan Stanley, Credit Suisse, Canaccord Genuity and Macquarie Capital, as joint book-running managers. The offering will be priced in the context of the market with terms, including price per share, to be determined at the time of entering into an underwriting agreement with the underwriters.
The Company will grant 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 15% of the total number of Class A Shares to be sold pursuant to the offering.
The Company 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 United States and Canada by supporting the multi-jurisdiction deployment and operation of theScore Bet and user acquisition and retention in jurisdictions where theScore is, or will be, operating.
The offering is subject to entering into a satisfactory underwriting agreement with the underwriters, which will include customary closing conditions, including with respect to the listing of the Class A Shares on the Nasdaq and the TSX.