CPE News (10/12/2021) – D2L Inc. has filed a preliminary base PREP prospectus in connection with a proposed of initial public offering of Subordinate Voting Shares and a secondary offering of Subordinate Voting Shares by the Desire2Learn Employee Stock Trust.
Terms of the offering have yet to be determined.
D2L has applied for listing of its Subordinate Voting Shares on the Toronto Stock Exchange (TSX) under the symbol “DTOL.”
Founded by John Baker in 1999, D2L’s mission is to transform the way the world learns. The core of its solution is D2L Brightspace, a scalable and flexible cloud-based software platform designed to help our customers deliver courses in person and online.
For the fiscal year ended January 31, 2021, D2L reported $126.4 million in revenues, $77.1 million in gross profit, $3.2 million in income from operations and $41.7 million in net loss. For the six months ended July 31, 2021, D2L reported $71.3 million in revenues, $44.4 million in gross profit, $3.6 million in loss from operations and $51.0 million in net loss.
D2L has over 1,000 employees globally.
D2L is principally backed by NewView Capital and OMERS Ventures. Following the closing of the offering, NewView Capital and Baker, who will own 100% of Mulitple Voting Shares, will be only two shareholders holding 10%+ voting control in the company.
D2L other investors include Columbus Nova Technology Partners, Graham Holdings, Four Rivers Group, and Aurion Capital.
photo credit: D2L
D2L Files Preliminary Prospectus for Initial Public Offering
Not for distribution to U.S. news wire services or dissemination in the United States
Toronto , Oct. 12, 2021 (GLOBE NEWSWIRE) — D2L Inc. (“D2L” or the “Company”) announced today that it has filed with the securities regulatory authorities in each of the provinces and territories in Canada, and obtained a receipt for, a preliminary base PREP prospectus (the “Preliminary Prospectus”) for a proposed initial public offering of subordinate voting shares (the “Offering”). The number and price of the subordinate voting shares to be sold have not yet been determined.
TD Securities Inc. and BMO Capital Markets are acting as co-lead underwriters and joint bookrunners with a syndicate of underwriters for the Offering (collectively, the “Underwriters”).
The Preliminary Prospectus contains important information relating to the Offering and has not yet become final for purposes of a distribution of securities to the public. No securities regulatory authority has either approved or disapproved the contents of this news release. This news release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale or any acceptance of an offer to buy these securities in any province or territory of Canada prior to the time that a receipt for the final prospectus or other authorization is obtained from the securities regulatory authorities in each of the provinces and territories. Copies of the Preliminary Prospectus may be obtained from any of the Underwriters and is available under D2L’s profile on SEDAR at www.sedar.com.
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.
ABOUT D2L
D2L is transforming the way the world learns – helping learners of all ages achieve more than they dreamed possible. Working closely with clients all over the world, D2L is supporting millions of people learning online and in person. Our more than 1,000 global employees are dedicated to making the best learning products to leave the world better than where they found it. Learn more about D2L for K-12, higher education and businesses at www.D2L.com.
FOR MORE INFORMATION
Craig Armitage
IR@D2L.com