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LONDON & NEW YORK - Genius Sports Limited (NYSE: GENI), a global leader in sports data and technology, has announced the pricing of a public offering of 17,647,059 ordinary shares at $8.50 each. The offering is set to close on January 16, 2025, given all customary closing conditions are met.
The company anticipates that the net proceeds from the sale of shares will amount to approximately $144 million. These funds, after the deduction of underwriting commissions and estimated offering expenses, are intended for general corporate purposes. This includes potential acquisitions or investments in businesses, technologies, or assets that align with Genius Sports' strategic goals, although no specific agreements or understandings are currently in place. InvestingPro data reveals the company holds more cash than debt on its balance sheet, with a healthy current ratio of 1.5, positioning it well for strategic investments.
Notable participants in the offering include Caledonia and Wellington Management, signaling continued support from existing top shareholders, as well as interest from new investors.
BTIG is the lead book-running manager for the transaction, with Goldman Sachs and Deutsche Bank (ETR:DBKGn) Securities also serving as book-running managers. Co-managers include Oppenheimer & Co., Citizens JMP, The Benchmark Company, and Craig-Hallum.
The shares are being offered pursuant to an effective registration statement on Form F-3ASR filed with the Securities and Exchange Commission on May 8, 2024. Relevant documents, such as the final prospectus supplement and accompanying prospectus, will be available on the SEC's website.
Genius Sports is renowned for its innovative technology solutions that serve the nexus of sports, betting, and media across more than 150 countries. The company boasts partnerships with over 400 sports organizations, including major leagues and federations like the NFL, EPL, FIBA, NCAA, NASCAR, AFA, and Liga MX. With revenue growth of 18.25% in the last twelve months and analysts projecting 24% growth for the current fiscal year, the company shows strong business momentum. For detailed analysis and additional insights, investors can access the comprehensive Pro Research Report available on InvestingPro, which covers this and over 1,400 other US stocks.
The press release also contains forward-looking statements that involve risks and uncertainties. These statements reflect the company's expectations about future events, including the successful completion of the offering. Genius Sports emphasizes that actual results could vary significantly due to various factors, some of which are beyond their control.
This press release is based on a press release statement and does not constitute an offer to sell or a solicitation of an offer to buy securities.
In other recent news, the financial performance of Genius Sports has been on an upward trajectory. The company achieved an 18% increase in group revenue, totaling $120 million, and a 45% surge in adjusted EBITDA, reaching $26 million in Q3 2024. As a result, Genius Sports raised its full-year 2024 guidance to $511 million in revenue and $86 million in adjusted EBITDA.
Several analyst firms have shown confidence in the company's growth trajectory. Benchmark raised the stock price target for Genius Sports to $11.00, Needham increased its price target to $12.00, and Goldman Sachs raised its target to $11.50. All firms maintained a Buy rating on the stock.
The company has successfully renewed contracts with all major U.S. sports clients and launched innovative platforms like BetVision and FANHub. It has also established significant partnerships with ESPN, WNBA, and the LA Rams to enhance fan experiences with real-time data. Genius Sports anticipates a 38% revenue growth in Q4 2024 and expects a positive cash flow for the full year of 2024. These are the latest developments in the company's recent performance.
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