VVV Sports aims to raise PS5 million as seeks Nasdaq listing
VVV Sports Ltd on Tuesday said it plans to list in the US, while it announced the acquisition of a pickleball circuit and tour infrastructure business which operates outside the US.
The sports, media and entertainment business proposed a placing to raise £5 million to fund its US expansion, among others. The company said it intends to seek a dual listing on the Nasdaq Global Market in the US, while retaining its listing on the Aquis Stock Exchange Growth Market.
Further, the firm intends to use some of the net proceeds to produce new ‘premium’ content, including a six-part docuseries in development with Amazon Prime.
VVV Sports said the issue price for the placing is expected to be at or around the current market price.
VVV Sports shares were flat at 3.50 pence each on Tuesday morning on Aquis in London.
It expects the placing to close by the end of June. ‘The board believes the company is well-positioned to capitalise on significant growth opportunities in both sports, particularly in the US, where demand for padel and pickleball infrastructure substantially exceeds current supply,’ it added.
The firm said it is also progressing plans for a US Padel Centre of Excellence in New York.
Meanwhile, VVV Sports said it has bought Topseries Pickleball, a pickleball circuit and tour infrastructure business operating across Europe, the Middle East and Africa. It emphasised that the acquisition is not conditional on completion of the proposed placing.
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