/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./
MONTREAL, Dec. 9, 2020 /CNW Telbec/ - Haivision Systems Inc. ("Haivision" or the "Company"), a leading provider of mission-critical, real-time video streaming and networking solutions, announced today that it has obtained a receipt for its final prospectus filed with the securities regulatory authorities in each of the provinces of Canada and has entered into an underwriting agreement for its previously announced initial public offering of common shares (the "Offering"). Pursuant to the Offering, Haivision will issue an aggregate of 5,000,000 common shares at a price of C$6.00 per share, for total revised gross proceeds of C$30,000,000.
As part of the Offering, the Underwriters (as defined below) have been granted an over-allotment option (the "Over-Allotment Option"), exercisable for a period of 30 days following the closing of the Offering, to purchase up to an additional 750,000 common shares at a price of C$6.00 per share, for additional gross proceeds to Haivision of C$4,500,000 if the Over-Allotment Option is exercised in full.
The Offering is being made through a syndicate of underwriters led by Canaccord Genuity Corp. and Desjardins Capital Markets, as lead underwriters and joint bookrunners, and including BMO Nesbitt Burns Inc., Scotia Capital Inc. and Beacon Securities Limited (collectively, the "Underwriters").
The Toronto Stock Exchange ("TSX") has conditionally approved the listing of the Company's common shares, subject to fulfilling customary TSX requirements. The closing of the Offering is expected to occur on December 16, 2020, subject to customary closing conditions, at which point the common shares will commence trading on the TSX under the symbol "HAI".
A copy of the final prospectus for the Offering is available on SEDAR at www.sedar.com.
Osler, Hoskin & Harcourt LLP is acting as legal counsel to the Company and Blake, Cassels & Graydon LLP is acting as legal counsel to the Underwriters.
No securities regulatory authority has either approved or disapproved the contents of this news release. This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities of Haivision in any jurisdiction in which such offer, solicitation or sale would be unlawful.
The securities of the Company 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, and may not be offered, sold or delivered, directly or indirectly, in the United States (as defined in Regulation S under the U.S. Securities Act). Accordingly, the securities 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.
About Haivision
Haivision is a leading provider of mission-critical, real-time video streaming and networking solutions. Our connected cloud and intelligent edge technologies enable global organizations to engage audiences, enhance collaboration, and support decision making. We provide high quality, low latency, secure, and reliable live video at a global scale. Haivision open sourced its award-winning SRT low latency video streaming protocol and founded the SRT Alliance to support its adoption. Awarded an Emmy® for Technology and Engineering from the National Academy of Television Arts and Sciences, Haivision continues to fuel the future of IP video transformation. Founded in 2004, Haivision is headquartered in Montreal and Chicago with offices, sales, and support located throughout the Americas, Europe, and Asia. Learn more at haivision.com.
Forward-Looking Statements
This news release may contain forward-looking statements which reflect management's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual results could differ materially from those projected herein. Haivision disclaims any obligation to update these forward-looking statements except as required under applicable securities laws.
SOURCE Haivision Systems Inc.
Dan Rabinowitz, Chief Financial Officer and Executive Vice President, Operations, 847-362-6800 ext. 7209, [email protected]
Share this article