MDA LTD. COMPLETES INITIAL PUBLIC OFFERING
Media Release: April 7, 2021
MDA Ltd. (“MDA” or the “Company”), a leading provider of advanced technology and services to the burgeoning global space industry, today announced the successful closing of its previously announced initial public offering of common shares (the “Common Shares”) of the Company (the “Offering”). Pursuant to the Offering, MDA issued 28,571,500 Common Shares at a price of $14.00 per Common Share for gross proceeds to the Company of approximately $400 million.
The Common Shares are listed on the Toronto Stock Exchange under the symbol “MDA”.
The Offering was made through a syndicate of underwriters led by BMO Capital Markets, Morgan Stanley Canada Limited and Scotiabank, as joint bookrunners, with Barclays Capital Canada Inc., RBC Dominion Securities Inc., Canaccord Genuity Corp., CIBC World Markets Inc., National Bank Financial Inc. and Stifel Nicolaus Canada Inc., as underwriters.
Goodmans LLP and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal counsel to the Company, and Osler, Hoskin & Harcourt LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal counsel to the underwriters.
The Company has granted to the underwriters an option, exercisable, in whole or in part, at any time and from time to time for a period of 30 days after closing of the Offering, to purchase from the Company up to 4,285,725 Common Shares (representing 15% of the number of Common Shares sold in the base offering) at a price of $14.00 per Common Share, for the purpose of covering the underwriters’ over-allocation position, if any.
No securities regulatory authority has either approved or disapproved the contents of this press release. This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale or any acceptance of an offer to buy these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. Copies of MDA’s final prospectus are available on SEDAR at www.sedar.com.
The securities have not been and will not be registered under the United States Securities Act of 1933 (the “U.S. Securities Act”), as amended, or any state securities laws, and may not be offered, sold or delivered, directly or indirectly, in the United States, except to Qualified Institutional Buyers (as defined in Rule 144A of the U.S. Securities Act). This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there by any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful.
“Today marks the beginning of an important chapter for MDA. With the rapid expansion of the global space economy over the next ten years, our world-leading expertise and capabilities are well aligned with the projected high growth sectors, such as space exploration, on-orbit servicing, space-based communications and Earth observation. We have the agility of a new space company coupled with an impressive track record that makes us a partner of choice in the emerging commercial space market.”- Mike Greenley, Chief Executive Officer, MDA
Serving the world from its Canadian home and global offices, MDA is an international space mission partner and a robotics, satellite systems and geointelligence pioneer with a 50-year story of firsts on and above the Earth. With over 2,000 employees across Canada, the US and the UK, MDA is leading the charge towards viable Moon colonies, enhanced Earth observation, communication in a hyper-connected world, and more. With a track record of making space ambitions come true, MDA enables highly skilled people to continually push boundaries, tackle big challenges, and imagine solutions that inspire and endure to change the world for the better, on the ground and in the stars.
This press release may contain forward‐looking information within the meaning of applicable securities legislation, which reflects the Company’s current expectations regarding future events. Forward‐looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward‐looking information. Such risks and uncertainties include, but are not limited to the factors discussed under “Risk Factors” in the final long form prospectus of the Company dated April 1, 2021. MDA does not undertake any obligation to update such forward‐looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.