Score Media and Gaming (theScore) has announced the pricing of the public offering of its Class A subordinate voting shares in the United States and Canada, set at $27 per share.
The underwriters of the agreement have agreed to purchase 6m Class A shares from the company, providing aggregate gross proceeds to theScore of $162m.
The size of the offering has recently been increased from the previously announced 5m Class A shares.
The shares are expected to begin trading on the Nasdaq Global Select Market, under the symbol “SCR”, today (February 25), and the offering is expected to close on March 1 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.
Score Media and Gaming 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, up to 15% of the total 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 US and Canada.
The public offering was launched earlier this week, subject to theScore agreeing a satisfactory underwriting agreement with this syndicate, which would also set out customary closing conditions for the deal.
Earlier this month, the company began consolidating its Class A and special voting shares, which saw one new Class A share issued for every 10 outstanding, with the same ratio applied to special voting shares.
The plan to pursue a US listing was first announced in January, after the publication of the company’s financial results for the first quarter of its fiscal year.
Over the period, covering the three months to 30 November, handle for theScore Bet was up 535% year-on-year.