MDA Announces Close of Over Allotment Option

BRAMPTON, Ont. (MDA PR) — MDA Ltd. (“MDA” or the “Company”), a leading provider of advanced technology and services to the burgeoning global space industry, today announced that, further to its recently completed initial public offering of common shares (the “Common Shares”) of the Company (the “Offering”), the over-allotment option granted to the Underwriters (as defined below) to purchase up to an additional 4,285,725 Common Shares at a price of $14.00 per Common Share (the “Over-Allotment Option”) was exercised in full, generating additional gross proceeds to the company of approximately $60 million.

Pursuant to the Offering, MDA issued 28,571,500 Common Shares at a price of $14.00 per Common Share for gross proceeds to the Company of approximately $400 million.

The Common Shares began trading on the Toronto Stock Exchange on April 7, 2021 under the symbol “MDA”.

Following the closing of the Over-Allotment Option, there are 119,238,920 Common Shares issued and outstanding.

The Offering was made through a syndicate of underwriters led by BMO Capital Markets, Morgan Stanley Canada Limited and Scotiabank, as joint bookrunners, with Barclays Capital Canada Inc., RBC Dominion Securities Inc., Canaccord Genuity Corp., CIBC World Markets Inc., National Bank Financial Inc. and Stifel Nicolaus Canada Inc., as underwriters (collectively, the “Underwriters”).

No securities regulatory authority has either approved or disapproved the contents of this press release. This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale or any acceptance of an offer to buy these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. Copies of MDA’s final prospectus are available on SEDAR at www.sedar.com.

The securities have not been and will not be registered under the United States Securities Act of 1933 (the “U.S. Securities Act”), as amended, or any state securities laws, and may not be offered, sold or delivered, directly or indirectly, in the United States, except to Qualified Institutional Buyers (as defined in Rule 144A of the U.S. Securities Act). This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there by any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful.