CPE News (4/27/2021) – Magnet Forensics Inc. has filed its long form prospectus in connection with its proposed initial public offering (IPO) of subordinate voting shares.
Magnet Forensics Inc. is issuing 5,890,000 subordinate voting shares priced at $17 per share for gross proceeds of CDN $100,130,000 or CDN $115,149,500 if the over-allotment option is exercised in full.
Magnet Forensics has previously filed to raise $90 million in gross proceeds from the issuance of between 5,625,000 and 6,428,571 subordinate voting shares priced at between $14.00 and $16.00 per share.
Magnet Forensics’ subordinate voting shares have been conditionally approved for listing on the Toronto Stock Exchange (TSX) under the symbol “MAGT.” The subordinate voting shares are expected to begin trading on the TSX on an “if, as and when issued basis” on April 28, 2021.
Following the closing of the offering, Magnet Forensics will have 8,338,564 subordinate voting shares outstanding or 9,222,064 subordinate voting shares outstanding if the over-allotment option is exercised in full.
Magnet Forensics will 31,071,825 multiple voting shares outstanding. Jad Saliba will own and control 12,710,679 multiple voting shares Adam Belsher will own 12,162,096 multiple voting shares and Jim Balsillie will own the remaining 6,199,050 multiple voting shares.
Founded by Saliba in 2010, Magnet Forensics is a developer of data analytics software used for digital forensics investigations.
With 270 employees and operating from four offices in Canada, USA and Singapore, Magnet Forensics reported US $51.3 million in revenue and US $10.6 million in net income for the year ended December 31,2020. Magnet Forensics paid US $26 million to its shareholders in dividends in 2020.
photo credit: Magnet Forensics