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Vancouver-based EdTech Company Thinkific Announces Closing of $160 Million IPO on Toronto Stock Exchange (TSX)
Wednesday, April 28, 2021Company Profile | Follow Company
Vancouver, BC, April 28, 2021--(T-Net)--Thinkific Labs Inc. announced the completion of its initial public 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 the company is now a public company on the Toronto Stock Exchange (TSX).
The Globe and Mail reported that the company was the first BC tech company to become a unicorn with a greater than $1 billion valuation in its public debut. The company's shares traded higher than its $13 issue price all day and closed yesterday at $15.60, up 20 per cent (and giving Thinkific a reported market value of approximately $1.25-billion).
The underwriters were granted an over-allotment option to purchase up to an additional 1,846,500 subordinate voting shares at a price of $13.00 per share for possible additional gross proceeds of $24,004,500 if the Over-Allotment Option is exercised in full. The Over-Allotment Option can be exercised for a period of 30 days from the closing of the Offering.
BMO Capital Markets and CIBC Capital Markets acted as joint bookrunners and co-lead underwriters for the Offering on behalf of a syndicate of underwriters including National Bank Financial Inc., TD Securities Inc., Canaccord Genuity Corp., Cormark Securities Inc. and Stifel Nicolaus Canada Inc.
Thinkific's subordinate voting shares have commenced trading on the Toronto Stock Exchange under the symbol "THNC".
"Our mission is, and always will be, to make it easy for course creators to build and scale profitable businesses through transformational online learning experiences." said Greg Smith, Co-Founder and CEO of Thinkific. "We believe education is the most powerful force for positive change in the world, and commerce is the rocket fuel that powers it. We are proud to be a part of this explosive sector and drive this impact forward for years to come."
Thinkific has developed an all-in-one, cloud-based software platform designed to enable entrepreneurs and established businesses to create, market, and sell online courses. Course creators can easily build and launch customized online courses for their audiences under their own brand, with no technical experience required. The Thinkific platform is designed for ease of use, reliability and scale, using enterprise-level technology to enable course creators to develop transformative learning experiences for their students and drive sustainable revenue for their businesses.
After a tumultuous year that saw the rise of entrepreneurship and the mass adoption of online learning, many businesses grew and pivoted by sharing their knowledge online for the first time. In 2020 alone, Thinkific saw annual recurring revenue grow by 150% year-over-year as course creators taught over 21 million students, and earned over $275 million USD in revenue from direct course sales on the Thinkific platform.
"With the growing democratization of education and the expanding opportunities for businesses to monetize their skills and knowledge online, we envision that doors will continue to open across the world to a new era of Knowledge Entrepreneurship," commented Greg Smith. "We will be investing even more in research and development to help businesses build, grow and diversify through courses. Becoming a public company is an exciting and important milestone, but our journey is just beginning. Today we're helping more than 50,000 active course creators — and in the future, we can help millions. We are just getting started."
All non-specified numbers are listed in CAD.
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Editor's Note: See the company's additional blog post from CEO Greg Smith on going public here.
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About Thinkific
Thinkific (TSX:THNC) makes it simple for entrepreneurs and established businesses of any size to scale and generate revenue by teaching what they know. Our platform gives businesses everything they need to build, market, and sell online courses and other learning products, and to run their business seamlessly under their own brand, on their own site.
In 2020 alone, Thinkific's 50,000 active course creators earned more than $275M USD in direct course sales while teaching tens of millions of students. Thinkific is headquartered in Vancouver, Canada, with a distributed and growing team.
The Offering was completed pursuant to the Company's final prospectus dated April 22, 2021 filed with the securities regulators in each of the provinces and territories of Canada. A copy of the final prospectus is available on SEDAR at www.sedar.com.
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.
This news release includes forward-looking statements and forward-looking information within the meaning of Canadian securities laws. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "is expected", "expects", "scheduled", "intends", "contemplates", "anticipates", "believes", "proposes" or variations (including negative and grammatical variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements in this press release include statements regarding the Offering, including the exercise of the Over-Allotment Option. Such statements and information are based on the current expectations of Thinkific's management, and are based on assumptions and subject to risks and uncertainties. Although Thinkific's management believes that the assumptions underlying these statements and information are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this news release may not occur by certain dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting Thinkific, including the risk factors set forth in Thinkific' s final prospectus under the heading "Risk Factors". Although Thinkific has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements and information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement or information can be guaranteed. Except as required by applicable securities laws, forward-looking statements and information speak only as of the date on which they are made and Thinkific undertakes no obligation to publicly update or revise any forward-looking statement or information, whether as a result of new information, future events or otherwise.
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