Canada’s Score Media and Gaming (theScore) has launched a public offering of Class A shares in the US and Canada, which it aims to list on the Nasdaq Global Select Market.
The operator will offer 5m Class A Subordinate Voting Shares for sale through the offering. These will be offered through a syndicate of underwriters led by Morgan Stanley, Credit Suisse, Canaccord Genuity and Macquarie Capital, as joint book-running managers.
This offering remains subject to theScore agreeing a satisfactory underwriting agreement with this syndicate, which will also set out customary closing conditions.
Once this agreement is reached, the pricing of the offering, including the expected proceeds, will be announced.
As part of this, theScore will grant the underwriters an over-allotment option of up to 15% of the Class A shares sold through the offering.
These proceeds will be used to fund working capital and other general corporate purposes. This includes the continued growth and expansion of its sportsbook offering theScore Bet, which is currently live in four states.
It will look to roll out the sportsbook in additional US states and Canadian provinces going forward.
Trading on the Nasdaq, under the SCR ticker, is expected to commence once the offer has been priced. The Class A shares will also continue trading on the Toronto Stock Exchange, again under the SCR symbol.
Score Media and Gaming first announced plans to pursue a US listing in January this year, following publication of its results for the first quarter of its fiscal year. Over this period, covering the three months to 30 November, handle for theScore Bet was up 535% year-on-year.
It then began consolidating its Class A and special voting shares earlier this month. This saw one new Class A share issued for every 10 outstanding, with the same ratio applied to the special voting shares.
By doing so, theScore reduced its outstanding 434,425,695 Class A shares to 43,442,568, and its 5,566 special voting shares were reduced to 557.