FreeCast, an integrated platform for video streaming services, filed an amendment on Friday, disclosing that it plans to register its shares with the SEC and pursue a direct listing on the Nasdaq rather than a traditional IPO as previously planned. The shares of common stock listed will be sold by existing shareholders; FreeCast will not raise new capital in its listing. The company did not disclose a reference price or anticipated timing of its listing.
FreeCast had previously filed for an IPO in February 2020, but the offering was declared abandoned by the SEC this past September. The company submitted a new blank filing this past November, planning to raise $23 million.
The Registered Stockholders, which include all major shareholders and management, plan to sell up to 9.1 million shares of common stock.
FreeCast is an entertainment-based content company that provides SmartGuide digital interactive technology for consumers to organize online media, similar to a traditional on-screen TV guide. The company licensed its technology to Telebrands, who distributed subscriptions under the brand Rabbit TV from 2012 until 2016, when FreeCast began offering its product directly to consumers under its own brand, SelectTV.
The Orlando, FL-based company was founded in 2011 and plans to list on the Nasdaq under the symbol CAST. As a direct listing without a firm commitment offering, there are no underwriters on the deal; instead, Maxim will serve as financial advisor.
