Softchoice Corporation Announces Exercise of IPO Over-Allotment Option
Softchoice (News - Alert) Corporation ("Softchoice" or the "Company") (TSX: SFTC) announced today that, further to its recently completed initial public offering (the "Offering") of common shares of the Company ("Common Shares", and each a "Common Share"), the over-allotment option granted by certain shareholders of the Company (the "Selling Shareholders") to the Underwriters (as defined below) to purchase an additional 2,625,000 Common Shares from the Selling Shareholders at a price of C$20.00 per Common Share (the "Over-Allotment Option") has been exercised in full. The Selling Shareholders will receive aggregate gross proceeds of C$52.5 million in connection with the Over-Allotment Option. As a result of the exercise of the Over-Allotment Option in full, the aggregate gross proceeds from the Offering will total C$402.5 million, with aggregate gross proceeds to Softchoice and the Selling Shareholders totaling C$87.5 million and C$315 million, respectively.
The Common Shares are listed and have been trading on a regular basis on the Toronto Stock Exchange under the symbol "SFTC" since June 1, 2021.
The Offering was made through a syndicate of underwriters led by TD Securities Inc. and Goldman Sachs Canada Inc., as joint bookrunners, and including RBC Capital Markets, National Bank Financial Inc., CIBC Capital Markets, Scotiabank, BMO Capital Markets, Cormark Securities Inc., Laurentian Bank Securities Inc., AT Capital Markets Inc., Raymond James Ltd. and INFOR Financial Inc. (collectively, the "Underwriters").
No securities regulatory authority has either approved or disapproved the contents of this news release. The Common 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 the securities laws of any state of the United States (as such term is defined in Regulation S under the U.S. Securities Act) 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.
many of which are beyond the Company's control. Actual results could differ materially from those projected herein. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained in this news release is provided as of the date of this news release and Softchoice does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required under applicable securities laws.
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