Business
Shopify Completes Offering of Class A Subordinate Voting Shares Including Full Exercise of Over-Allotment Option
OTTAWA, Ontario--(BUSINESS WIRE)-- Shopify Inc. (NYSE:SHOP) (TSX:SHOP) (“Shopify”) today announced that it has completed its previously announced offering of
About this update from Shopify Inc.
[{"type":"text","content":" OTTAWA, Ontario--(BUSINESS WIRE)--\nShopify Inc. (NYSE:SHOP) (TSX:SHOP) (“Shopify”) today announced that it has completed its previously announced offering of Class A subordinate voting shares (the “Offering”) at a price to the public of US$700 per share. An aggregate of 2,127,500 Class A subordinate voting shares, which includes the full exercise of the over-allotment option of 277,500 Class A subordinate voting shares, were sold by Shopify for aggregate gross proceeds, before underwriting discounts and offering costs, of US$1,489,250,000.\n\n\nShopify expects to use its net proceeds from the Offering to strengthen its balance sheet, providing flexibility to fund its growth strategies. Pending their use, Shopify intends to invest the net proceeds from the Offering in short-term, investment-grade, interest-bearing instruments or hold them as cash.\n\n\nCitigroup and Credit Suisse acted as Book-running Managers, and National Bank Financial Inc. acted as Co-Manager.\n\n\nThe Class A subordinate voting shares were offered in each of the provinces and territories of Canada, other than Québec, by way of a prospectus supplement dated May 7, 2020 to Shopify’s short form base shelf prospectus dated August 3, 2018 (the “Base Shelf Prospectus”). The Class A subordinate voting shares were also offered in the United States pursuant to a prospectus supplement to Shopify’s registration statement on Form F-10 (the “Registration Statement”) filed with the U.S. Securities and Exchange Commission (the “SEC”) under the U.S./Canada Multijurisdictional Disclosure System. The prospectus supplements, the Base Shelf Prospectus and the Registration Statement contain important detailed information about the Offering. Copies of the Canadian prospectus supplements and the Base Shelf Prospectus can be found on SEDAR at www.sedar.com, and copies of the U.S. prospectus supplements and the Registration Statement can be found on EDGAR at www.sec.gov. Copies of these documents may also be obtained from Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Telephone: 1-800-831-9146; or Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, Eleven Madison Avenue, 3rd floor, New York, NY 10010, Telephone: 1-800-221-1037 or e-mail: [email protected]; or Credit Suisse Securities (Canada), Inc., Atte...