""US Sports"" – Google News
The score has raised $ 186 million of its duplicate listing on the Nasdaq Exchanges in the United States.
The sports betting operator said the transaction was closed on Monday 6.9 million Shares sold to subscribers. That was 900,000 more shares than originally planned, when the subscribers exercised their over-allotment option.
The offer was carried out on $ 27 per share, which gives the company a market capitalization $ 1.3 billion.
This means that theScore is now listed twice on the Nasdaq and the Nasdaq Toronto Stock Exchange. The stocks were round 6% on Monday in Toronto, continuing a massive run-up this year.
New digs for $ SCR pic.twitter.com/tctDYv3AZm
– John Levy (@scorecommish) March 1, 2021
Who bought theScore stock?
The offer was carried out by a consortium of underwriters as joint book-running managers:
- Morgan Stanley
- Swiss credit
- Canaccord Genuity
- Macquarie Capital
Eight capital, Cormark Securities Inc.. and Scotiabank acted as co-manager.
Where will theScore be spending the money?
TheScore said it would use the proceeds to fund working capital and other general corporate purposes. It will invest in the provision and operation of its sports betting, including user acquisition and retention.
TheScore previously said the double listing will also expose it to more investors and liquidity.
“We believe that listing in the US would benefit our business and our shareholders as we seek to capitalize on the growing opportunities in the rapidly evolving North American sports betting market,” said theScore Founder and CEO John Levy in an explanation. “As the only fully integrated mobile sports media and games company in North America, theScore is uniquely positioned to grow our footprint and benefit from the expansion of legalized sports betting and iGaming in the US and Canada.”
TheScore Bet currently operates a mobile platform in four states:
It is also expected to be the leader in sports betting in Canada. As a result, analysts have identified the company as an attractive M&A target for major US sports betting providers.