AcuityAds Announces a $20 Million Bought Deal Offering

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TORONTO and NEW YORK, Nov. 16, 2020 (GLOBE NEWSWIRE) -- AcuityAds Holdings Inc. (TSX:AT, OTCQX:ACUIF) (“AcuityAds” or “Company”), is pleased to announce that the Company, along with Tal Hayek, Joe Ontman, Rachel Kapcan and Ov2 Capital Inc., an entity which Sheldon Pollack controls or directs (the “Selling Shareholders”) have entered into an agreement with a syndicate of underwriters led by TD Securities Inc. and Canaccord Genuity Corp. (the “Lead Underwriters” and collectively the “Underwriters”), pursuant to which the Underwriters have agreed to purchase, in aggregate, 3,280,000 common shares (the “Shares”) of AcuityAds, at a price of $6.10 per Share (the “Offering Price”) and offer them to the public by way of short form prospectus for total gross proceeds of approximately $20 million (the “Offering”).

Under the agreement, 1,968,000 Shares will be issued from treasury by AcuityAds for gross proceeds of approximately $12 million (the "Treasury Offering") and an aggregate of 1,312,000 Shares will be offered by the Selling Shareholders for aggregate gross proceeds to the Selling Shareholders of approximately $8 million (the "Secondary Offering"). Each of the Selling Shareholders is selling approximately 10% of his or her holdings of AcuityAds common shares, and will continue after the Offering to retain a substantial interest in the Company.

In addition, the Selling Shareholders have also granted the Underwriters an over‐allotment option (the “Option”) to purchase up to an additional 492,000 Shares (representing 15% of the base Offering) at the Offering Price exercisable in whole or in part for a period of 30 days following the closing of the Offering. If the Option is exercised in full, the aggregate gross proceeds of the Treasury Offering and Secondary Offering will be approximately $12 million and $11 million, respectively.

The net proceeds from the Treasury Offering are expected to be used to fund the Company's growth strategy including to fund future acquisitions and for general corporate purposes. The Company will not receive any proceeds from the sale of common shares associated with the Secondary Offering.

The Offering is expected to close on or about December 4, 2020 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including approval of the TSX.