CPE News (4/22/2021) – Thinkific Labs Inc. has priced its initial public offering (IPO). The company will issued 12,310,000 subordinate voting shares at a price of $13.00 per share for gross proceeds of $160,030,000.
Thinkific Labs has previously proposed to raise $160 million through the issuance subordinate voting shares priced at $11.00 and $13.00 per share for the issuance of between 12,307,692 and 14,545,454 shares.
The closing of the offering is expected to occur on or about April 27, 2021. The Toronto Stock Exchange (TSX) has conditionally approved the listing of the subordinate voting shares under the symbol “THNC.”
Rhino Ventures through Rhino Co-Invest 2 Limited Partnership intends to purchase CDN $24,960,000 of subordinate voting shares in this offering.
Upon completion of the offering and assuming no exercise of the over-allotment option, Thinkific will have 17,843,812 subordinate voting shares issued and outstanding on a non-diluted basis (24,592,768 on a fully-diluted basis), and, if the over-allotment option is exercised in full, Thinkific will have 19,690,312 subordinate voting shares issued and outstanding on a non-diluted basis (26,439,268 on a fully-diluted basis).
Thinkific will have 56,993,752 multiple voting shares issued and outstanding on a non-diluted basis and on a fully-diluted.
Greg Smith, Matthew Smith, co-founders, will own 26,000,000 and 10,255,640 multiple voting shares respectively. Rhino will own the remaining 20,738,112 multiple voting shares and 1,920,000 subordinate voting shares (from IPO share purchase).
photo credit: Thinkific
News Release
Thinkific Announces Pricing of Initial Public Offering
/NOT FOR DISTRIBUTION IN THE UNITED STATES/
VANCOUVER, BC, April 21, 2021 /CNW/ – Thinkific Labs Inc. (“Thinkific”) today announced the pricing of its initial public offering (the “Offering”) of 12,310,000 subordinate voting shares at a price of $13.00 per share for total gross proceeds of $160,030,000 and that it has entered into an underwriting agreement in respect of the Offering.
The Offering is being underwritten by a syndicate of underwriters led by BMO Capital Markets and CIBC Capital Markets as joint bookrunners for the Offering, and includes National Bank Financial Inc., TD Securities Inc., Canaccord Genuity Corp., Cormark Securities Inc. and Stifel Nicolaus Canada Inc.
The underwriters have also been granted an over-allotment option (the “Over-Allotment Option”) to purchase up to an additional 1,846,500 subordinate voting shares at a price of $13.00 per share for additional gross proceeds of $24,004,500 if the Over-Allotment Option is exercised in full. The Over-Allotment Option can be exercised, in whole or in part, at any time for a period of 30 days from the closing date.
No securities regulatory authority has either approved or disapproved of the contents of this news release. The subordinate voting shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws. Accordingly, the subordinate voting shares may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to exemptions 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 a solicitation of an offer to buy any securities of Thinkific in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Thinkific
Thinkific is a leading cloud-based software platform that enables entrepreneurs and established businesses to create, market and sell online courses. Course creators can easily build and launch customized learning products for their audiences under their own brand, with no technical expertise required. The platform is designed to create transformative learning experiences for students, and drive sustainable revenue for businesses through enterprise-grade functionality and extensibility for growth.
SOURCE Thinkific Inc.
For further information: Media Contact: Josh Stanbury, press@thinkific.com; IR Contact: Janet Craig, IR@thinkific.com