The Canadian digital media company theScore received approval from its shareholders to consolidate stock for a U.S. stock exchange entry. Since the start of the year, the company’s stocks have been rapidly going up, marking an increase of 230%.
theScore Stocks Skyrocket in 2021
Score Media and Gaming Inc may enter the U.S. market stock listings after it marked incredible growth since the beginning of the year. According to Bloomberg, following a shareholders meeting on Wednesday, the company approved stock consolidation in preparation for an entry on the U.S. stock market exchange. Such market entry would undoubtedly help Score Media expand its market reach and shareholder core.
In recent months, the company’s stock has seen significant growth, while at the same time, single-event sports betting legalization is still being considered by lawmakers in Canada. Since the start of 2021, Score Media’s stock is up approximately 230%. For the last six days in a roll until Wednesday, the company’s trading has been on the rise. However, on Wednesday this week, it fell 3.7% to CAD$4.98.
The company, which is also known as theScore was founded in 2012. Based in Toronto, Canada, the company offers real-time news, scores, mobile-first experiences, and more exciting content for sports fans via its mobile application. theScore’s mobile app is known to have approximately 4 million active users each month. Furthermore, the company currently offers its online betting platform in 3 U.S. states: Colorado, New Jersey, and Indiana.
TheScore’s rapid growth on the stock market was complemented by a stellar start of the year in terms of gaming handle. Back in January, the company released its first-quarter results of the fiscal 2021 year. Based on the results, the company marked a 535% growth in gaming handle year-over-year. This translates to $55.8 million in gaming handle which the company reached during the first fiscal quarter.
Back in September last year, theScore started its expansion across the U.S. and launched its mobile app theScore Bet in Colorado. Furthermore, again in September, the company rolled out its product in Indiana as well.