IMRIS Inc. (TSX: IM) ("IMRIS" or the "Company") announced today that it has filed a registration statement in the United States concurrently with a preliminary short form prospectus in all of the provinces of Canada. This will constitute the Company's initial public offering of common shares in the United States (the "U.S. IPO"). The Company proposes to offer 10,000,000 common shares and certain selling shareholders propose to offer 3,700,000 common shares (the "Offering"). In connection with its U.S. IPO, IMRIS has received conditional approval to list its common shares on the NASDAQ Global Market under the symbol "IMRS". Listing of the common shares on NASDAQ will be subject to IMRIS fulfilling all applicable listing requirements.
The Offering will be conducted through a syndicate of underwriters led by Canaccord Genuity and Lazard Capital Markets LLC and including Wedbush PacGrow Life Sciences, GMP Securities L.P., RBC Capital Markets, Paradigm Capital Inc. and Versant Partners Inc. (collectively, the "Underwriters"). IMRIS will agree to grant the Underwriters an over-allotment option to purchase that number of additional treasury common shares of IMRIS equal to 15% of the common shares sold pursuant to the Offering, exercisable at any time, in whole or in part, up to 30 days from the closing of the Offering. The Offering will be priced in the context of the market with the final terms of the Offering to be determined at the time of pricing.
The common shares of IMRIS will be registered in the United States pursuant to a registration statement filed under a multi-jurisdictional disclosure system permitted for certain Canadian companies filing registration statements in the United States and are being offered by way of a short form prospectus in all of the provinces of Canada.
The registration statement has been filed with the United States Securities and Exchange Commission but has not yet become effective. The common shares may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.