John Levy: share consolidation a significant step to US stock exchange

Image source: theScore

Score Media and Gaming Inc has taken a further step forward to US stock exchange listing this week. The firm revealed that, in connection with a potential additional listing of its Class A Subordinate Voting Shares on a US stock exchange, it is implementing a consolidation of its outstanding Class A Shares.

The reverse stock split will be undertaken on the basis of one new Class A Share for every 10 currently outstanding Class A Shares (consolidation ratio) as well as a consolidation of the company’s Special Voting Shares on the basis of such consolidation ratio. 

Founder and CEO John Levy explained: “This share consolidation is a significant step that positions us for the potential US stock exchange listing we have been considering. We believe a US listing would benefit our business and shareholders as we seek to further execute on the growing opportunity in the rapidly developing North American sports betting market. 

“As the only fully integrated mobile sports media and gaming company in North America, theScore is uniquely positioned to grow our footprint and capitalize on the expansion of legalized sports betting and igaming across the US and Canada.”

The consolidation ratio was determined by the company’s board of directors in accordance with the parameters authorized by its shareholders at the annual and special meeting of shareholders held on February 10, 2021. 

Having taken effect on February 11, the Class A Shares are expected to commence trading on the Toronto Stock Exchange on a post-consolidation basis beginning at the open of markets on February 18, 2021.  

Immediately prior to the consolidation there were 434,425,695 Class A Shares and 5,566 Special Voting Shares issued and outstanding, and it is expected that there will be 43,442,568 Class A Shares and 557 Special Voting Shares issued and outstanding following the consolidation, subject to rounding for any fractional shares.