Venture-backed Thinkific Labs closes IPO, brings in C$184m

Thinkific Labs has completed its initial public offering of subordinate voting shares on the Toronto Stock Exchange, raising more than C$184 million.

Thinkific Labs has completed its initial public offering of subordinate voting shares on the Toronto Stock Exchange, raising more than C$184 million. The amount includes proceeds of the IPO’s greenshoe option. The company’s shares are now listed under the symbol “THNC”. Thinkific, a Vancouver-based software platform for creating and selling online courses, last year raised C$22 million in financing led by Rhino Ventures.

PRESS RELEASE

Thinkific Announces Closing of Over-Allotment Option

VANCOUVER, BC, May 5, 2021 /CNW/ – Thinkific Labs Inc. (“Thinkific” or the “Company”) (TSX: THNC) is pleased to announce that, further to its successfully completed initial public offering (the “Offering”) of 12,310,000 subordinate voting shares at a price of $13.00 per share, the underwriters have exercised their over-allotment option (the “Over-Allotment Option”) in full and have purchased an additional 1,846,500 subordinate voting shares at a price of $13.00 per share. The additional gross proceeds of $24,004,500 from the exercise of the Over-Allotment Option bring the total gross proceeds raised from the Offering to $184,034,500. Following the closing of the Over-Allotment Option, the Company’s issued and outstanding share capital will consist of 76,684,064 shares, which includes 19,690,312 subordinate voting shares and 56,993,752 multiple voting shares.

Thinkific’s subordinate voting shares are listed on the Toronto Stock Exchange under the symbol “THNC”.

BMO Capital Markets and CIBC Capital Markets acted as joint bookrunners and co-lead underwriters for the Offering on behalf of a syndicate of underwriters including National Bank Financial Inc., TD Securities Inc., Canaccord Genuity Corp., Cormark Securities Inc. and Stifel Nicolaus Canada Inc.

No securities regulatory authority has either approved or disapproved of the contents of this news release. The subordinate voting shares 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. Accordingly, the subordinate voting shares 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. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities of Thinkific in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Thinkific

Thinkific (TSX:THNC) makes it simple for entrepreneurs and established businesses of any size to scale and generate revenue by teaching what they know. Our platform gives businesses everything they need to build, market, and sell online courses and other learning products, and to run their business seamlessly under their own brand, on their own site. In 2020 alone, Thinkific’s 50,000 active course creators earned more than $275M USD in direct course sales while teaching tens of millions of students. Thinkific is headquartered in Vancouver, Canada, with a distributed and growing team.

For more information, please visit www.thinkific.com.

For further information: Media Contact: Josh Stanbury, press@thinkific.com; IR Contact: Janet Craig, IR@thinkific.com