TheScore Announces Proceeds of $186.3M from Public Offering

TheScore Announces Proceeds of $186.3M from Public Offering
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A week after its public offering, Score Media and Gaming Inc. announced the closing of the company’s Class A shares in the U.S. and Canada, resulting in more than $186 million.

It was the Score’s first public offering in the U.S. and listing of the Class A Shares on the Nasdaq Global Select Market.

In total, 6,900,000 Class A Shares were sold by theScore. This included 900,000 Class A Shares at $27 per share, giving gross proceeds of $186.3 million to theScore. On Feb. 22, theScore announced the U.S. public offering.

TheScore expects the net proceeds of the offering will be put to funding working capital and other general corporate purposes, such as the continued growth and expansion of theScore Bet’s operations in the U.S. and Canada by supporting user acquisition and retention where theScore currently is or will be operating in the future.

The public 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, while Eight Capital, Cormark Securities Inc. and Scotiabank are co-managers.

In mid-February, single-event sports wagering took another step to being legalized in Canada after overwhelming support in the House of Commons. After the last phase of hearings with the House Justice Committee, the bill moves to the Senate. Final approval could come in May and single-event wagering could be in place at the start of the NFL season.

More on theScore

TheScore Bet app is available to users on iOS and Android. On its website, theScore says it “delivers an immersive and holistic mobile sports betting offering, including a wide range of pre-game and in-play betting across all major sports leagues and events, and a comprehensive variety of bet types.”

It’s urrently live in four states — Colorado, Indiana, New Jersey and most recently, Iowa. TheScore officially launched in Iowa in February and gained market access there 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. “We’re thrilled to introduce our mobile sportsbook to Iowans as the college basketball season heats up ahead of the 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.”

Bet.Works has been theScore’s technology platform partner since 2018 and was responsible for the company’s Iowa launch.

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