TheScore announces major closing of US$186.3million on dual listing
TheScore announces revenue of US$186.3million after its listing on US Nasdaq and the Toronto Stock Exchange
TheScore has managed to raise $186million from its listing on the US exchange of Nasdaq and the Toronto Stock Exchange.
TheScore announced the sale of 6.9million Class A shares on the Nasdaq Global Select Market, which included 900,000 Class A Shares following the exercise in full by underwriters.
The total amount of shares were available at $27/share, generating total revenue of $186.3million for TheScore and a market cap of $1.3billion.
The whole process was being led by a number of underwriters namely:
- Morgan Stanley
- Credit Suisse
- Canaccord Genuity
- Macquarie Capital
With other companies called – Eight Capital, Cormark Securities Inc. and Scotiabank acting as co-managers.
It is expected that theScore will spend the money generated on funding working capital and other significant general corporate purposes, which will include the growth and strategic development of theScore Bet’s operations throughout the US and Canada. Other important sectors that theScore will focus on is on its sportsbook user acquisition and retention.
Previously, before the listing, theScore announced that the listing will create awareness among investors about the sportsbook, with CEO John Levy stating:
‘We believe a U.S. listing would benefit our business and shareholders as we seek to further execute on the growing opportunity in the rapidly developing North American sports betting market. As the only fully integrated mobile sports media and gaming company in North America, theScore is uniquely positioned to grow our footprint and capitalize on the expansion of legalized sports betting and iGaming across the U.S. and Canada.’
TheScore currently operates in Colorado, Indiana, Iowa and New Jersey while it is also aiming to become the number one sportsbook in Canada, making it an attractive target on the M&A front for established US sports betting operators.
Source: YahooFinance
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