CPE News (3/22/2021) – Thinkific Labs Inc. has filed a preliminary prospectus in connection with a proposed initial public offering (IPO) of Subordinate Voting Shares. The terms of the offering have yet to be determined.
Thinkific Labs has applied to list its Subordinate Voting Shares on the Toronto Stock Exchange (TSX) under the symbol “THNC.”
Founded by CEO Greg Smith, COO Miranda Lievers, CTO Matt Payne and Chief Strategy Officer Matt Smith, Vancouver based Thinkific offers a cloud-based, multi-tenant platform that enables business-building. Thinkific’s software provides entrepreneurs and established businesses with the functionality needed to launch, grow, and diversify their businesses by creating and selling online courses and other learning products.
As of December 31, 2020, Thinkific had 223 employees and contractors.
Upon completion of the offering, Thinkific Labs will have two classes of issued and outstanding shares: Subordinate Voting Shares and multiple voting shares. Greg Smith, Matthew Smith and Rhino Ventures will hold 100% of the multiple voting shares: 6,500,000, 2,563,910, and 5,184,528 multiple voting shares respectively.
Rhino Ventures holds Thinkific shares through Vancouver Founder Fund Limited Partnership, VFF II Limited Partnership, Rhino Co-Invest 1 Limited Partnership, and Vancouver Founder Fund (VCC) Inc.
Rhino Ventures intends to purchase unspecific number of Subordinate Voting Shares from the offering.
In September 2020, Thinkific Labs announced the closing of a $22 million new round of financing led by Rhino Ventures and other investors, “bringing total capital raised to date to $25 million.” The bulk of the $22 million financing was secondary purchase by Rhino from existing shareholders and only $4.2 million actually raised by company. The transactions which closed in July 2020 were priced at $13.30284 per share.
photo credit: Thinkific Labs