TheScore is officially dual listed after completing their offering and listing on the Nasdaq exchange earlier this week.
TheScore is now listed on both the Nasdaq in America and the Toronto Stock Exchange in Canada. They announced their intent to list on the Nasdaq last month at their annual general meeting. At the same meeting they also announced a 10-to-1 stock consolidation of their Toronto Stock Exchange shares to facilitate the Nasdaq listing.
Originally theScore intended to offer six million shares to underwriters. When the final tally came in earlier this week, they ended up exercising an over-allotment option to sell 6.9 million shares. The offering was completed at $27 pre share and raised $186 million.
The new listing also delivered a bump to their Toronto listing which rose six percent on Monday.
TheScore said in a released statement that the dual listing will expose the company to more investors and increased liquidity.
“We believe a U.S. listing would benefit our business and shareholders as we seek to further execute on the growing opportunity in the rapidly developing North American sports betting market,” theScore founder and CEO John Levy said in the statement. “As the only fully integrated mobile sports media and gaming company in North America, theScore is uniquely positioned to grow our footprint and capitalize on the expansion of legalized sports betting and iGaming across the U.S. and Canada.”
The company is hoping to become a leader in the Canadian sports betting market. The Canadian government is slowly taking the steps to make single-event sports betting legal in Canada. When this finally happens, it could give TheScore, which has name recognition and is one of the most popular sports apps in the country, a leg up on the sports betting market.