Lightspeed Launches Bought Deal Offering of Subordinate Voting Shares

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MONTREAL, Feb. 18, 2020 (GLOBE NEWSWIRE) -- Lightspeed POS Inc. (“Lightspeed” or the “Company”) (TSX: LSPD) today announced that it and certain of its shareholders, namely Caisse de dépôt et placement du Québec (“Caisse”), Investissement Québec (“IQ”) and Inovia Capital (through entities controlled by them) (“Inovia” and, together with Caisse and IQ, the “Selling Shareholders”), have entered into an agreement with an underwriting syndicate led by BMO Capital Markets and National Bank Financial Inc. (collectively, the “Underwriters”) to complete a new issue and secondary offering (the “Offering”), on a bought deal basis, of an aggregate of 6,711,000 subordinate voting shares at a purchase price of C$37.30 per subordinate voting share for aggregate gross proceeds of C$250 million to the Company and the Selling Shareholders.

Under the agreement, 4,695,000 subordinate voting shares will be issued from treasury and offered by Lightspeed for aggregate gross proceeds of C$175 million and an aggregate of 2,016,000 subordinate voting shares will be offered by the Selling Shareholders for aggregate gross proceeds of C$75 million. 672,000 subordinate voting shares will be offered by Caisse, 672,000 subordinate voting shares will be offered by IQ, and 672,000 subordinate voting shares will be offered by Inovia.

The Selling Shareholders 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 an additional 15% of the aggregate subordinate voting shares to be sold pursuant to the Offering. The over-allotment option is comprised of 335,550 subordinate voting shares from Caisse, 630,964 subordinate voting shares from IQ, 40,136 subordinate voting shares from Inovia.

The Company intends to use the net proceeds of the sale of subordinate voting shares by it under the Offering primarily to strengthen the Company’s financial position and allow it to pursue its growth strategies, which include: expanding its customer base; accelerating the rollout of Lightspeed Payments; supporting the growth of existing customers; expanding its solutions; and selectively pursuing acquisitions. Lightspeed will not receive any of the proceeds of the sale of subordinate voting shares by the Selling Shareholders.