Genius Sports Set For Sale Of $450 Million In Shares
ports data and technology company, Genius Sports, has began the process of an underwritten secondary stock offering of 23 million ordinary shares, worth a value of $450 million.
As part of the offering, which is led by Goldman Sachs, Genius will sell 12 million of the shares themselves, with eight million to be sold on behalf of other shareholders, and Goldman Sachs will be given the option to purchase three million shares.
With a price of $19.82 per share, this offering will likely provide as much as $300 million in collected capital for the company.
A release of a filing on the Securities and Exchange Commission has shown the private equity fund, Apax, will be selling 5.7 million shares, but will still hold a 31.5% stake in the business.
Genius Sports CEO and founder, Mark Locke, has registered to sell 1.4 million shares, leaving his stake at 11% of the business, while four other directors and other investors are selling smaller percentages.
After initially going public through a merger that closed in April, the company has reported $54 million in sales through its first quarter as a publicly listed company.
Despite this, Genius recorded a $5.3 million loss for its first quarter, likely due to the high number of acquisitions made by the company across the Americas and Europe for programmatic advertising services.