TheScore Media and Gaming will head to Nasdaq.
The Toronto-based company announced its US initial public offering on Monday. Earlier this month, the company’s board of directors and shareholders voted to move forward with a dual listing in the United States and Canada.
An application to trade on Nasdaq under the symbol “SCR” was filed, with trading expected to begin following the IPO pricing.
TheScore currently trades on the Toronto Stock Exchange, with shares of theScore priced at $30.59 ($38.58 CAD) as of aftermarket Monday. Shares traded as high as $51 last week.
Since November, the stock has gained more than 450%.
TheScore builds on big recent gains
A quarterly earnings call in January was the first indication of a dual listing on US and Canadian markets. The company’s handle was up 535% year-over-year to $55.8 million the first quarter.
“We believe a U.S. 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,” theScore founder and CEO John Levy said in a statement. “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 U.S. and Canada.”
Following the board of director’s vote this month, the company consolidated shares, issuing one share for every 10 outstanding.
Now, theScore will offer 5 million Class A shares for sale on Nasdaq. The stock will continue to trade in Toronto.
A big future for theScore Bet?
The company will use money from the offering to expand its US and Canada sports betting operations. TheScore Bet is live in Colorado, Indiana, Iowa and New Jersey.
The Canadian Parliament is in the midst of discussing an end to a federal ban of single-game betting. TheScore could be in a prime position to be one of the market leaders because of its deep media penetration.
The company estimates a Canadian market potential of up to $5.4 billion in annual gross gaming revenue.
“As Canada’s leading mobile sports media brand with a uniquely integrated sports betting platform, we look forward to collaborating with key stakeholders as the legislative process continues, to ensure that betting reform works for all Canadians and their communities,” Levy said in a statement on the Canadian potential.