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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.
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.