- BBTV completes the largest* IPO listed on the TSX across all
sectors with a sole female Founder & CEO
- BBTV is one of the Top 10 Tech TSX listings of all time
and the first IPO on the TSX with a sole female founder
& CEO in the technology sector
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE
SERVICES OR DISSEMINATION IN THE UNITED STATES/
BBTV Holdings Inc. (TSX: BBTV) (“BBTV Holdings” or
the “Company”) announced today the successful closing of its
previously announced initial public offering (the
“Offering”) of subordinate voting shares at a price of
C$16.00 per share for total gross proceeds to the Company of
C$172,400,000. Concurrent with the closing of the Offering, BBTV
Holdings completed the buyout of RTL’s interest in BroadbandTV
Corp. (“BBTV”), and acquired all of the remaining
outstanding securities of BBTV, which operates the business of
BroadbandTV headquartered in Vancouver, Canada. Following the
acquisition, BBTV Holdings intends to use the remaining balance of
the Offering proceeds to fund business operations, offering
expenses, strategic acquisitions and growth initiatives.
The subordinate voting shares are listed on the Toronto Stock
Exchange under the symbol "BBTV".
“We are breaking important new ground and paving the way for
countless women and girls who envision a future with more potential
to be leaders,” commented Shahrzad Rafati, Founder & CEO, BBTV.
“I hope they can see themselves in this moment and realize that no
achievement is out of reach, no matter what corner of the world you
come from. As a proud Canadian, this is a moment in our nation’s
history worth celebrating, and a testament to how diversity can
foster a more equal and representative world while also powering a
prosperous economy.”
BBTV is an enabling platform with a stated mission of advancing
the world through the democratization of content. From individual
content creators to global media companies, BBTV monetizes the
media of content owners through end-to-end management, distribution
and monetization solutions, powered by its innovative VISO
Platform, including related proprietary technology, while allowing
content owners to focus on their core competency – content
creation.
“In a world where new platforms continuously emerge and supply
and demand for video are rising, content owners need a
comprehensive solution to help them navigate the complex and
expansive digital video landscape. That’s exactly what we solve
for. BBTV is the only provider of end-to-end solutions for content
owners of any size to help them build, engage and monetize their
audiences,” commented Shahrzad Rafati, Founder & CEO, BBTV.
Directors of the Company, including BBTV’s Founder and CEO
Shahrzad Rafati, subscribed for approximately 10% of the Offering
and collectively own approximately 19% of BBTV’s outstanding
subordinate voting shares. Rafati owns approximately 34% of the
total equity shares of the Company including subordinate voting
shares and multiple voting shares, representing approximately 83%
of the total voting power.
The Offering was underwritten by a syndicate of underwriters led
by Canaccord Genuity Corp. and Scotia Capital Inc., as joint active
bookrunners, and also including CIBC Capital Markets, as
bookrunner, BMO Capital Markets, Eight Capital, Stifel GMP, Cormark
Securities Inc. and PI Financial Corp. (collectively, the
“Underwriters”).
Clark Wilson LLP and Torys LLP acted as legal counsel to BBTV
Holdings and Norton Rose Fulbright Canada LLP acted as legal
counsel to the Underwriters.
The Underwriters have been granted an over-allotment option (the
“Over-Allotment Option”) to purchase up to an additional
1,077,500 subordinate voting shares at a price of C$16.00 per share
for additional gross proceeds of C$17,240,000 if the Over-Allotment
Option is exercised in full. The Over-Allotment Option can be
exercised for a period of 30 days from the closing date.
The securities under the Offering have not been, and will not
be, registered under the United States Securities Act of 1933, as
amended (the “U.S. Securities Act”), or the securities laws
of any state of the United States and may not be offered, sold or
delivered, directly or indirectly, in the United States or to, or
for the account of benefit of, U.S. Persons (as such term is
defined in Regulation S under the U.S. Securities Act), except
pursuant to an exemption from the registration requirements of the
U.S. Securities Act and applicable state securities laws. This news
release does not constitute an offer to sell or solicitation of an
offer to buy any of these securities in any jurisdiction in which
the offering or sale is not permitted.
About BBTV
BBTV is a media and technology company headquartered in
Vancouver, Canada. BBTV is an enabling platform with a stated
mission of advancing the world through the democratization of
content. From individual content creators to global media
companies, BBTV monetizes the media of content owners through
end-to-end management, distribution and monetization solutions,
powered by its innovative VISO Platform, including related
proprietary technology, while allowing content owners to focus on
their core competency – content creation. In June 2020, BBTV had
the second most unique monthly viewers of digital platforms with
596 million globally, who consumed more than 54 billion minutes of
video content, the most among media companies.** www.bbtv.com
* As defined by total proceeds raised.
**Calculations and classifications made by BBTV based on data
from Comscore contained in Comscore’s “Top 12 Countries = June 2020
comScore Video Metrix Media Trend - Multi-Platform - Top 100 Video
Properties Report”.
Forward-Looking Statements
This press release may contain forward looking information
within the meaning of applicable securities legislation, which
reflects the Company’s current expectations regarding future events
including the use of proceeds from the Offering. Forward looking
information is based on a number of assumptions and is subject to a
number of risks and uncertainties, many of which are beyond the
Company’s control, which could cause actual results and events to
differ materially from those that are disclosed in or implied by
such forward looking information. Such risks and uncertainties
include, but are not limited to the factors discussed under “Risk
Factors” in the final prospectus of the Company dated October 22,
2020. The Company does not undertake any obligation to update such
forward looking information, whether as a result of new
information, future events or otherwise, except as expressly
required by applicable law.
BBTV-F
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MEDIA RELATIONS Dan Gamble, Head of PR and Corporate
Communications dgamble@bbtv.com +1 778 873 0422
INVESTOR RELATIONS ir@bbtv.com
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