/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
TORONTO and NEW YORK, April 30,
2019 /CNW/ - AcuityAds Holdings Inc. (TSXV:AT) ("AcuityAds"
or "Company"), a technology leader that provides targeted digital
media solutions enabling advertisers to connect intelligently with
audiences across digital advertising campaigns, is pleased to
announce that it has entered into an agreement with a syndicate of
underwriters led by Haywood Securities Inc. and Cormark Securities
Inc. (the "Lead Underwriters" and collectively the "Underwriters"),
pursuant to which the Underwriters have agreed to purchase
4,517,000 common shares (the "Shares") of AcuityAds, at a price of
CDN$1.55 per Share (the "Offering
Price") and offer them to the public by way of short form
prospectus for total gross proceeds of approximately CDN$7.0 million (the "Offering").
In addition, AcuityAds has also granted the Underwriters an
over‐allotment option (the "Option") to purchase up to an
additional 677,550 Shares (representing 15% of the base Offering)
at the Offering Price exercisable in whole or in part at any time
48 hours prior to the closing of the Offering. If the Option is
exercised in full, the aggregate gross proceeds of the Offering
will be approximately CDN$8,051,553.
The net proceeds from the Offering are expected to be used for
working capital and general corporate purposes.
The Offering is expected to close on or about the week of
May 21, 2019 and is subject to
certain conditions including, but not limited to, the receipt of
all necessary approvals including approval of the TSX Venture
Exchange.
On closing of the Offering, AcuityAds will pay the Underwriters
a cash commission equal to 6% of the gross proceeds of the Offering
and will issue such number of broker warrants equal to 6% of the
number of Shares sold in the Offering. Each broker warrant will be
exercisable into Shares at the Offering Price for a period of two
years from the closing date.
The Shares to be issued under the Offering will be offered by
way of a short form in each of the Provinces of Canada other than Quebec and/or in jurisdictions other than
Canada that are mutually agreed to
by the Company, Haywood and Cormark and may be offered for sale in
the United States to Qualified
Institutional Buyers (as defined in Rule 144A under the United
States Securities Act of 1933, as amended (the "1933 Act") and to
Institutional Accredited Investors (as defined in Rule 501(a)(1),
(2), (3) or (7) of Regulation D under the 1933 Act) by way of
private placement pursuant to an exemption from the registration
requirements of the 1933 Act (collectively, the "Qualifying
Jurisdictions").
About AcuityAds:
AcuityAds is a leading technology
company that provides marketers a powerful and holistic solution
for digital advertising across all ad formats and screens to
amplify reach and Share of Attention® throughout the customer
journey. Via its unique, data-driven insights, real-time analytics
and industry-leading activation platform based on proprietary
Artificial Intelligence technology, AcuityAds leverages an
integrated ecosystem of partners for data, inventory, brand safety
and fraud prevention, offering unparalleled, trusted solutions that
the most demanding marketers require to be successful in the
digital era.
AcuityAds is headquartered in Toronto with offices throughout the U.S.,
Europe and Latin America. For more information, visit
AcuityAds.com.
Disclaimer in regards to Forward-Looking Statements:
Certain statements included herein constitute "forward-looking
statements" within the meaning of applicable securities laws.
Forward-looking statements are necessarily based upon a number of
estimates and assumptions that, while considered reasonable by
management at this time, are inherently subject to significant
business, economic and competitive uncertainties and contingencies.
Investors are cautioned not to put undue reliance on
forward-looking statements. Except as required by law, AcuityAds
does not intend, and undertakes no obligation, to update any
forward-looking statements to reflect, in particular, new
information or future events. The Company's client that has been
mentioned in this press release has the right to exercise an
out-clause right at any time during the advertising campaign.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE AcuityAds Holdings Inc.