TORONTO, July 6, 2021 /CNW/ - VerticalScope Holdings Inc. ("VerticalScope" or the "Company") (TSX: FORA) announced today that further to its initial public offering (the "Offering") of 5,685,000 subordinate voting shares of the Company (the "Subordinate Voting Shares") at a price of C$22.00 per Subordinate Voting Share (the "Offering Price"), which closed on June 21, 2021, the Underwriters have exercised their over-allotment option (the "Over-Allotment Option") in full to purchase an additional 852,750 Subordinate Voting Shares at the Offering Price.  The aggregate gross proceeds of the Offering and the exercise of Over-Allotment Option were C$143,830,500.

VerticalScope Inc. (CNW Group/VerticalScope Inc.)

According to Rob Laidlaw, CEO of VerticalScope, "the proceeds from the over-allotment option will be used to fuel additional M&A as we continue to seek to acquire and integrate additional online enthusiast communities onto the Fora platform".

The Offering was made through a syndicate of underwriters led by RBC Dominion Securities Inc., Canaccord Genuity Corp. and National Bank Financial Inc. as lead underwriters and joint bookrunners, and which also includes TD Securities Inc., Raymond James Ltd., Desjardins Securities Inc., Cormark Securities Inc. and HSBC Securities (Canada) Inc. (collectively, the "Underwriters").

Norton Rose Fulbright Canada LLP acted as legal counsel to VerticalScope and Goodmans LLP acted as legal counsel to the Underwriters.

No securities regulatory authority has either approved or disapproved the contents of this news release. 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, 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. A copy of the Company's supplemented PREP prospectus dated June 14, 2021 (the "Prospectus") is available under VerticalScope's profile on SEDAR at www.sedar.com.

About VerticalScope

Founded in 1999 and headquartered in Toronto, Ontario, VerticalScope is a technology company that has built and operates a cloud-based digital platform for online enthusiast communities in high-consumer spending categories. VerticalScope's mission is to enable people with common interests to connect, explore their passions and share knowledge about the things they love.  Through targeted acquisitions and development, VerticalScope has built a portfolio of over 1,200 online communities and more than 100 million monthly active users. 

Forward-Looking Statements

This news release may contain forward-looking information within the meaning of applicable securities legislation that reflects the Company's current expectations regarding future events. 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. Such risks and uncertainties include, but are not limited to, the factors discussed under "Risk Factors" in the Prospectus. Actual results could differ materially from those projected herein. VerticalScope 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 under applicable securities laws.

SOURCE VerticalScope Inc.

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