Shopify Completes Offering of Class A Subordinate Voting Shares
May 24 2017 - 9:54AM
Business Wire
Shopify Inc. (NYSE:SHOP)(TSX:SHOP) (“Shopify”) today announced
that it has completed its previously announced offering of
Class A subordinate voting shares (the “Offering“) at a price
of US$91.00 per share. An aggregate of 5,500,000 Class A
subordinate voting shares were sold by Shopify for aggregate gross
proceeds of US$500,500,000.
Shopify expects to use its net proceeds from the Offering to
strengthen its balance sheet, providing flexibility to fund its
growth strategies. Pending their use, Shopify intends to invest the
net proceeds from the Offering in short-term, investment-grade,
interest-bearing instruments or hold them as cash.
Morgan Stanley and Credit Suisse acted as bookrunners and CIBC
Capital Markets acted as co-manager in the Offering.
The Class A subordinate voting shares were offered in each of
the provinces and territories of Canada, other than Quebec, by way
of a prospectus supplement dated May 18, 2017 to Shopify's amended
and restated short form base shelf prospectus dated May 17, 2017.
The Class A subordinate voting shares were also offered in the
United States pursuant to a prospectus supplement to Shopify's
registration statement on Form F-10 (the “Registration Statement”)
filed with the U.S. Securities and Exchange Commission (the “SEC“)
under the U.S./Canada Multijurisdictional Disclosure System. The
prospectus supplements and the Registration Statement contain
important detailed information about the Offering. A copy of the
Canadian prospectus supplements can be found on SEDAR at
www.sedar.com, and a copy of the U.S. prospectus supplements and
the Registration Statement can be found on EDGAR at www.sec.gov.
Copies of such offering documents may also be obtained from Morgan
Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick
Street, 2nd Floor, New York, NY 10014; or Credit Suisse Securities
(USA) LLC, Attention: Prospectus Department, One Madison Avenue,
New York, NY 10010.
No securities regulatory authority has either approved or
disapproved the contents of this news release. This news release
shall not constitute an offer to sell or the solicitation of an
offer to buy, nor shall there be any sale of these securities in
any province, state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such province, state
or jurisdiction.
About Shopify
Shopify is the leading cloud-based, multi-channel commerce
platform designed for small and medium-sized businesses. Merchants
can use the software to design, set up, and manage their stores
across multiple sales channels, including web, mobile, social
media, marketplaces and physical retail locations. The platform
also provides merchants with a powerful back-office and a single
view of their business. The Shopify platform was engineered for
reliability and scale, making enterprise-level technology available
to businesses of all sizes. Shopify currently powers hundreds of
thousands of businesses in approximately 175 countries and is
trusted by brands such as Tesla, Nestle, GE, Red Bull, Kylie
Cosmetics, and many more.
Forward-looking Statements
This press release contains forward-looking information and
forward-looking statements within the meaning of applicable
securities laws (“forward-looking statements“), including
statements with regard to Shopify's proposed use of proceeds from
the Offering. Words such as “expects”, “anticipates” and “intends”
or similar expressions are intended to identify forward-looking
statements. These forward-looking statements are subject to the
inherent uncertainties in predicting future results and conditions
and no assurance can be given that the proceed of the offering will
be used on the terms described. Allocation of the proceeds of the
offering is subject to numerous factors, many of which are beyond
Shopify’s control, including, without limitation, market conditions
and the risk factors and other matters set forth in Shopify's
filings with the SEC and the securities commissions or similar
securities regulatory authorities in each of the provinces and
territories of Canada. Shopify undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
may be required by law.
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version on businesswire.com: http://www.businesswire.com/news/home/20170524005767/en/
Shopify Inc.INVESTORS:Katie Keita, 613-241-2828Director,
Investor RelationsIR@shopify.comorMEDIA:Erin Hochstein,
226-972-1767Public Relations Managerpress@shopify.com
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