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theScore announces share consolidation

11 February 2021

(PRESS RELEASE) -- Score Media and Gaming Inc. is pleased to announce that, in connection with a potential additional listing of the Company's Class A Subordinate Voting Shares on a U.S. stock exchange, and as previously authorized by its shareholders, the Company is implementing a consolidation (reverse stock split) of its outstanding Class A Shares on the basis of one new Class A Share for every ten currently outstanding Class A Shares as well as a consolidation (reverse stock split) of the Company's Special Voting Shares on the basis of such Consolidation Ratio.

"This share consolidation is a significant step that positions us for the potential U.S. stock exchange listing we have been considering," said John Levy, Founder and CEO, theScore. "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. 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."

The Consolidation Ratio was determined by the Company's board of directors in accordance with the parameters authorized by the Company's shareholders at the Company's annual and special meeting of shareholders held on 10 February 2021. The consolidation has taken effect on 11 February 2021 and 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. No fractional shares will be issued as a result of the share consolidation and the number of post-consolidation shares to be received by a shareholder will be rounded up, in the case of a fractional interest that is 0.5 or greater, or rounded down, in the case of a fractional interest that is less than 0.5, to the nearest whole number of shares that such holder would otherwise be entitled to receive upon the implementation of the share consolidation. By way of example, if a shareholder held 999 pre-consolidation Class A Shares, the shareholder will hold 100 Class A Shares on a post-consolidation basis.

Registered shareholders holding share certificates will be mailed a letter of transmittal advising of the share consolidation and instructing them to surrender their share certificates representing pre-consolidation shares for replacement certificates or a direct registration advice representing their post-consolidation shares. Until surrendered for exchange, following the effective date of the consolidation, which was February 11, 2021, each share certificate formerly representing pre-consolidation shares will be deemed to represent the number of whole post-consolidation shares to which the holder is entitled as a result of the consolidation.

Holders of shares of the Company who hold uncertificated shares (that is shares held in book-entry form and not represented by a physical share certificate), either as registered holders or beneficial owners, will have their existing book-entry account(s) electronically adjusted by the Company's transfer agent or, for beneficial shareholders, by their brokerage firms, banks, trusts or other nominees that hold in street name for their benefit. Such holders do not need to take any additional actions to exchange their pre-consolidation shares for post-consolidation shares. If you hold your shares with such a bank, broker or other nominee, and if you have questions in this regard, you are encouraged to contact your nominee.

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