Canadian-based theScore Announces First US Public Offering

Canadian-based theScore Announces First US Public Offering

TheScore is going public in the Unites States.

Score Media and Gaming Inc. announced Monday it is launching a public offering of theScore’s Class A Subordinate Voting Shares in the United States and Canada. It’s theScore’s first public offering in the U.S. market, according to a news release.

TheScore also announced it has filed an application to list the Class A Shares on the Nasdaq Global Select Market under the symbol “SCR,” the release said. Trading is expected to begin on the Nasdaq after the pricing of the offering. The Class A Shares will continue to trade on the Toronto Stock Exchange under the same symbol.

The initial offering will be 5,000,000 Class A Shares and the sale will be conducted through a syndicate of underwriters, including Morgan Stanley, Credit Suisse, Canaccord Genuity and Macquarie Capital as joint book-running managers, the release said.

Score Media and Gaming Inc. will also grant the underwriters an over-allotment option. That will be exercisable for 30 days from the date of the closing of the offering to purchase up to an additional 15% of the total number of Class A Shares to be sold.

Score Media and Gaming Inc. expects the net proceeds of the offering to go to fund working capital and other corporate purposes, such as the growth of theScore Bet’s operations in the U.S. and Canada.

Last week, single-event sports wagering took another step to becoming a reality in Canada after overwhelming support in the House of Commons. Bill C-218 now has the last phase of hearings with the House Justice Committee before moving to the Senate.

But final approval of the bill could come as soon as May and single-event wagering could be in play at the start of the NFL season.

A registration statement relating to the Class A Shares has already been filed with the U.S. Securities and Exchange Commission, but it has yet to become effective. Class A Shares can’t be sold or offers to buy be accepted before the registration statement becomes effective.

theScore Bet Launches in Iowa

TheScore Bet launched in Iowa last week, giving the company four states where its sportsbook is active. The online sportsbook is also live in Colorado, Indiana and New Jersey.

It gained market access in Iowa through its multi-state framework agreement with Penn National Gaming.

“We have expanded theScore Bet to three new markets in the last six months, significantly increasing our footprint,” John Levy, founder and chief executive officer of Score Media and Gaming Inc., said in a news release about the Iowa launch. “We’re thrilled to introduce our mobile sportsbook to Iowans as the college basketball season heats up ahead of the (NCAA) Tournament in March. We have a large base of theScore app users in Iowa and now, with the launch of theScore Bet, fans will have easy access to our integrated and technology-driven sports betting experience.”

TheScore Bet app is available to users on Android and iOS.

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