theScore conducted its initial public offering on or around February 25, 2021, selling 6 million shares of Class A stock priced at $27.00 per share.
Then, on July 13, 2021, post-market, theScore reported its financial results for its third fiscal quarter of 2021. theScore reported GAAP earnings per share of -$0.78, missing consensus estimates by $0.48, among other results. theScore also reported an EBITDA loss of $21.1 million, in comparison with a loss of $8.7 million for the same period in the prior year, citing “primarily … additional expenses incurred in connection with the ongoing expansion of the Company’s gaming operations as well as costs and professional service fees related to the recently completed U.S. initial public offering.”
On this news, theScore’s shares fell $1.75 per share, or 9%, to close at $15.99 per share on July 14, 2021, damaging investors.
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