Subordinate voting shares to begin trading on the New York Stock Exchange
Lightspeed POS Inc. (“Lightspeed” or the “Company”) (TSX: LSPD) today announced the pricing of its previously-announced marketed public offering of subordinate voting shares in the United States and Canada. The underwriters have agreed to purchase, at a price of US$30.50 per share, an aggregate of 10,000,000 subordinate voting shares from the Company and 1,650,000 subordinate voting shares from Caisse de dépôt et placement du Québec (“Caisse”), for aggregate gross proceeds to the Company of US$305,000,000 and to Caisse of US$50,325,000.
The subordinate voting shares of the Company are expected to begin trading on the New York Stock Exchange under the symbol “LSPD” on September 11, 2020, and will continue to trade on the Toronto Stock Exchange under the symbol “LSPD”. The offering is expected to close on September 15, 2020, subject to customary closing conditions.
The offering is being conducted through a syndicate of underwriters led by Morgan Stanley, Barclays and BMO Capital Markets, as joint lead book-running managers, with BofA Securities and RBC Capital Markets as joint-bookrunners, and CIBC Capital Markets, KeyBanc Capital Markets, Raymond James, Scotiabank, TD Securities, and Truist Securities as co-managers.
Lightspeed and certain members of the Company’s management including Dax Dasilva have also granted the Underwriters an over-allotment option, exercisable for a period of 30 days from the date of the closing of the offering, to purchase up to 1,747,500 additional subordinate voting shares, representing in the aggregate 15% of the total number of subordinate voting shares to be sold pursuant to the offering. Lightspeed will not receive any of the proceeds of the sale of subordinate voting shares by the selling shareholders.
The Company currently expects that the net proceeds of the offering will be used primarily to strengthen the Company’s financial position and allow it to pursue its growth strategies.
In connection with the offering, Lightspeed has filed a preliminary prospectus supplement and will file a final prospectus supplement to its second amended and restated short form base shelf prospectus dated September 2, 2020. The preliminary prospectus supplement was filed, and the final prospectus supplement will be filed, with the securities regulatory authorities in each of the provinces and territories of Canada as well as with the U.S. Securities and Exchange Commission (SEC) as part of a registration statement on Form F-10 under the U.S.-Canada multijurisdictional disclosure system (MJDS).
The public offering is being made in Canada only by means of the base shelf prospectus and applicable prospectus supplement and in the United States only by means of the registration statement, including the base shelf prospectus and applicable prospectus supplement. Such documents contain important information about the offering. Copies of the base shelf prospectus and the preliminary prospectus supplement can be found on SEDAR at www.sedar.com and a copy of the registration statement can be found on EDGAR at www.sec.gov.
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