CPE News (8/9/2021) – Lightspeed Commerce Inc. (NYSE/TSX: LSPD), formerly Lightspeed POS Inc., has launched a public offering of Lightspeed’s subordinate voting shares in the United States and Canada.
7,000,000 subordinate voting shares will be offered by Lightspeed for sale under the offering, which will be conducted through Morgan Stanley and Barclays, as underwriters.
The pricing of the offering is yet to be determined and announced.
On August 6, 2021, the last trading day before the filing of its preliminary form of prospectus supplement in connection with the offering, the closing prices of Lightspeed’s subordinate voting shares on the NYSE and the TSX were US $97.18 and CDN $122.12, respectively.
Stikeman Elliott LLP and Osler, Hoskin & Harcourt LLP are acting as Canadian legal counsel respectively to Lightspeed and the underwriters. Skadden, Arps, Slate, Meagher & Flom LLP and Latham & Watkins LLP act as US legal counsel to Lightspeed and the underwriters respectively.
As of June 28, 2021, Lightspeed had 131,590,940 subordinate voting shares issued and outstanding. Dax Dasilva and Caisse de dépôt et placement du Québec (CDPQ) control 13,929,466 (10.59%) and 24,286,219 (18.46%) subordinate voting shares respectively. Their stakes are set to be diluted further if they are not participating in the offering.
Lightspeed incurred net losses of US $49.3 million in the three-month period ended June 30, 2021 and of US $124.3 million and US $53.5 million in each of our fiscal years ended March 31, 2021 and 2020. It had an accumulated deficit of US $687.1 million as at June 30, 2021.
Lightspeed intends to use net proceeds of the offering primarily to strengthen its financial position and allow it to pursue its growth strategies, which include: expanding Customer Location footprint; building on successes in payments and financial solutions; accelerating ARPU expansion by introducing new modules; expanding its presence within verticals and pursuing strategic and value-enhancing acquisitions.
EDIT: Lightspeed priced the unsized offering of 7.7 million shares at US $93 per share for gross proceeds of US $716.1 million.
photo credit: Lightspeed
News Release
Lightspeed Announces Launch of Public Offering of Subordinate Voting Shares English Français
MONTREAL, Aug. 9, 2021 /CNW Telbec/ – Lightspeed Commerce Inc. (“Lightspeed” or the “Company”) (NYSE: LSPD) (TSX: LSPD), the one-stop commerce platform for merchants around the world to simplify, scale and create exceptional customer experiences, today announced the launch of a public offering of Lightspeed’s subordinate voting shares in the United States and Canada.
A total of 7,000,000 subordinate voting shares will be offered by Lightspeed for sale under the offering, which will be conducted through Morgan Stanley and Barclays, as underwriters (the “Underwriters”).
Lightspeed will also grant the Underwriters an over-allotment option, exercisable for a period of 30 days from the date of the closing of the offering, to purchase up to 1,050,000 additional subordinate voting shares, representing in the aggregate 15% of the total number of subordinate voting shares to be sold pursuant to the offering.
The Company currently expects that the net proceeds of the offering will be used primarily to strengthen the Company’s financial position and allow it to pursue its growth strategies. Closing of the offering will be subject to a number of customary conditions, including the listing of the subordinate voting shares issued by Lightspeed as part of the offering on the NYSE and the TSX, and any required approvals of the NYSE and the TSX.
In connection with the offering, Lightspeed will file a preliminary prospectus supplement to its short form base shelf prospectus dated May 27, 2021 (the “base shelf prospectus”) with the securities regulatory authorities in each of the provinces and territories of Canada, and with the U.S. Securities and Exchange Commission as part of a registration statement on Form F-10 under the U.S.-Canada multijurisdictional disclosure system (MJDS). The public offering will be made in Canada only by means of the base shelf prospectus and preliminary prospectus supplement and in the United States only by means of the registration statement, including the base shelf prospectus and preliminary prospectus supplement. Such documents contain important information about the offering. Copies of the base shelf prospectus, and the preliminary prospectus supplement when filed, can be found on SEDAR at www.sedar.com and a copy of the registration statement can be found on EDGAR at www.sec.gov. Copies of such documents may also be obtained from the following sources: Morgan Stanley, Attn: Prospectus Department – 180 Varick Street, 2nd Floor – New York, NY 10014 and Barclays, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: (888) 603-5847, email: Barclaysprospectus@broadridge.com.
Prospective investors should read the base shelf prospectus and the preliminary prospectus supplement as well as the registration statement before making an investment decision.
No securities regulatory authority has either approved or disapproved the contents of this press release. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the subordinate voting shares in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such province, state or jurisdiction.
About Lightspeed
Powering the businesses that are the backbone of the global economy, Lightspeed’s one-stop commerce platform helps merchants innovate to simplify, scale and provide exceptional customer experiences. The cloud solution transforms and unifies online and physical operations, multichannel sales, expansion to new locations, global payments, financing and connection to supplier networks.
Founded in Montréal, Canada in 2005, Lightspeed is dual-listed on the New York Stock Exchange and Toronto Stock Exchange (NYSE: LSPD) (TSX: LSPD). With teams across North America, Europe and Asia Pacific, the company serves retail, hospitality and golf businesses in over 100 countries.
SOURCE Lightspeed POS Inc.