VerticalScope Issues 5.7 Million Shares, Raises $125.1 Million In Initial Public Offering

Toronto-based tech firm VerticalScope Holdings Inc. (TSX: FORA) closed its initial public offering today, raising gross proceeds of $125.1 million. The company virtually opened Toronto Stock Exchange last week as it started its first day of publicly listing its shares on the big board on June 15.

The company was able to issue 5.7 million subordinate voting shares at $22.00 per share. 

“With the proceeds raised, we are in a strong position to accelerate our accretive acquisitions while continuing to invest in our Fora software platform,” VerticalScope CEO Rob Laidlaw said in a statement.

The public offering was made through a syndicate of underwriters led by RBC Dominion Securities Inc., Canaccord Genuity Corp., and National Bank Financial Inc. The underwriters still have a 30-day over-allotment option to purchase additional 852,750 shares. Should this be exercised, the initial public offering’s proceeds could increase up to $143.8 million.

Prior to the offering, the company completed a series of reorganization transactions that reassigned its common share classifications. Following these transactions and the offering, Laidlaw-owned entity RDL Ventures now owns 100% of the multiple voting shares. This is approximately 63.7% of the total voting power and 15.0% of the total issued and outstanding shares. 

Furthermore, NordStar Capital — co-owned by VerticalScope Chairman of the Board Paul Rivett — now holds 46.7% of the subordinate voting shares, which is approximately 16.9% of the total voting power and 39.7% of the total issued and outstanding shares. Another principal shareholder Hedgewood now owns 18.5% of the subordinate voting shares, which is approximately 6.7% of the total voting power and 15.7% of the total issued and outstanding shares. 

VerticalScope Holdings Inc. last traded at $22.00 on the TSX.


Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Silver’s Finally Breaking the System | Keith Neumeyer – First Majestic

The Best News for Gold Was the Drop! – Peter Grandich

McEwen Copper: The Los Azules Feasibility Study

Recommended

Steadright To Conduct Multi-Phased Exploration At Historic Goundafa Polymetallic Mine

Goliath Resources Drills 10.72 g/t Gold Over 7.83 Metres At Surebet

Related News

Connectivity Firm Credo Prices US$200 Million Nasdaq IPO

Connectivity solutions provider Credo Technology Group (Nasdaq: CRDO) started trading on the Nasdaq Global Select...

Thursday, January 27, 2022, 02:19:00 PM

Solar Car Maker Sono Motors Prices US$150 Million IPO

Electric solar car manufacturer Sono Motors (Nasdaq: SEV) started publicly trading on the Nasdaq Global...

Wednesday, November 17, 2021, 03:34:00 PM

Viral Diseases Tester Virax Biolabs Prices Upsized US$6.75 Million IPO

Biopharmaceutical company Virax Biolabs Group Limited recently increased its initial public offering size as it...

Wednesday, June 22, 2022, 02:14:00 PM

Biotech SPAC BioPlus Acquisition Prices US$200 Million IPO

Special purpose acquisition company BioPlus Acquisition Corp. (Nasdaq: BIOSU) started trading publicly on the Nasdaq...

Monday, December 6, 2021, 02:19:00 PM

Electric Vehicle Maker Iconiq Motors To Be Taken Public In A US$2.5 Billion SPAC Merger

Electric vehicle company Iconiq Motors entered into a definitive business combination agreement with special purpose...

Monday, April 18, 2022, 02:24:00 PM