theScore Announces Public Listing on Nasdaq to Expand theScore Bet Platform
Updated February 25, 2021
Toronto-based Score Media and Gaming Inc. has filed preliminary documents for a U.S. initial public offering on the Nasdaq exchange as it prepares to expand its sports betting offerings.
In connection with the initial public offering of the Class A Shares in the United States, a press release says theScore has filed an application to list six million of the shares on the Nasdaq Global Select Market at a price of US$27 per share, for aggregate gross proceeds to the company of US$162,000,000.
The shares are expected to begin trading on the Nasdaq on February 25, 2021 and the offering is expected to close on March 1, 2021. The Class A Shares will also continue to trade on the Toronto Stock Exchange.
The company says proceeds from the IPO will go toward expanding the company’s online sports betting platform in Canada and the United States, where legislation to liberalize sports betting has investors excited about the future of the industry.
A previous release noted the shares 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 per cent of the total number of Class A Shares to be sold pursuant to the offering.
RELATED: theScore Bet Goes Live in Fourth U.S. State of Iowa
The release adds 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 news comes after theScore's mobile sportsbook, theScore Bet, launched in a fourth U.S. state earlier in February.
The Canadian company's award-winning mobile sportsbook is now live in four states: Iowa, Colorado, Indiana, and New Jersey. theScore Bet secured market access to offer mobile sports betting in Iowa via a multi-state market access framework agreement with Penn National Gaming.