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Lightspeed Announces Launch of Marketed Public Offering of Subordinate Voting Shares

Lightspeed POS Inc., a leading provider of cloud-based, omnichannel commerce platforms, announced the launch of a marketed public offering of Lightspeed’s subordinate voting shares in the United States and Canada.

A total of 7,000,000 subordinate voting shares will be offered by Lightspeed for sale under the offering, which will be conducted through a syndicate of underwriters led by Morgan Stanley, Barclays and BMO Capital Markets, as joint lead book-running managers, with Credit Suisse and RBC Capital Markets as joint-bookrunners, and CIBC Capital Markets, KeyBanc Capital Markets, National Bank Financial Inc., Raymond James and TD Securities as co-managers. The offering will be priced in the context of the market with the price and total size of the offering to be determined at the time of entering into an underwriting agreement for the offering.

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Lightspeed and certain members of the Company’s management including Dax Dasilva will also grant the Underwriters an over-allotment option, exercisable for a period of 30 days from the date of the closing of the offering, to purchase up to 1,050,000 additional subordinate voting shares, representing in the aggregate 15% of the total number of subordinate voting shares to be sold pursuant to the offering. Lightspeed will not receive any of the proceeds of the sale of subordinate voting shares by the selling shareholders.

The Company currently expects that the net proceeds of the offering will be used primarily to strengthen the Company’s financial position and allow it to pursue its growth strategies. Closing of the offering will be subject to a number of customary conditions, including the entering into of the definitive underwriting agreement, the listing of the subordinate voting shares issued by Lightspeed as part of the offering on the NYSE and the TSX, and any required approvals of the NYSE and the TSX.

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In connection with the offering, Lightspeed will file a preliminary prospectus supplement to its second amended and restated short form base shelf prospectus dated September 2, 2020 (the “base shelf prospectus”). The preliminary prospectus supplement will be filed with the securities regulatory authorities in each of the provinces and territories of Canada, and with the U.S. Securities and Exchange Commission as part of a registration statement on Form F-10 under the U.S.-Canada multijurisdictional disclosure system (MJDS). The public offering will be made in Canada only by means of the base shelf prospectus and preliminary prospectus supplement and in the United States only by means of the registration statement, including the base shelf prospectus and preliminary prospectus supplement. Such documents contain important information about the offering. Copies of the base shelf prospectus, and the preliminary prospectus supplement when available, can be found on SEDAR at www.sedar.com and a copy of the registration statement can be found on EDGAR at www.sec.gov. Copies of such documents may also be obtained from any of the following sources: Morgan Stanley, Attn: Prospectus Department – 180 Varick Street, 2nd Floor – New York, NY 10014; Barclays, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: (888) 603-5847, email: Barclaysprospectus@broadridge.com; and BMO Capital Markets, Attn: Equity Syndicate Department, 3 Times Square, 25th Floor, New York, NY 10036, telephone: (800) 414-3627, email: bmoprospectus@bmo.com.

Prospective investors should read the base shelf prospectus and the preliminary prospectus supplement as well as the registration statement before making an investment decision.

No securities regulatory authority has either approved or disapproved the contents of this press release. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the subordinate voting shares in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such province, state or jurisdiction.

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