Notes Live, the entertainment company founded by Colorado Springs businessman JW Roth that offers an 8,000-seat outdoor amphitheater in the city’s north end, aims to become a publicly traded company this year in the part of a long-term growth strategy that includes several new locations. .
In an announcement Monday, Notes Live said it plans to raise $22.5 million through a pre-public offering — a sale of shares before they go public. The company has targeted 1.5 million shares to sell at $15 per share, he said.
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Notes Live’s decision to go public and sell stock is not intended to raise money to fund its current crop of entertainment venues in Colorado Springs and elsewhere, Roth said in an interview ahead of Monday’s announcement.
Instead, issuing stock and raising $22.5 million would add that money to Notes Live’s real estate and other assets, producing a balance sheet of at least $50 million. dollars and helping the company qualify to list on the national Nasdaq stock exchange. , said Roth.
Once on the Nasdaq, existing shareholders could sell shares for cash, new shareholders could buy into the company, and Notes Live would have an easier time raising capital as it expands the number of its venues. entertainment, Roth said.
Notes Live plans to operate in half a dozen markets by the end of 2023 and expand to six additional markets over the next five years, according to the company.
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Notes Live, Roth said, already has “inside funding” in place for its $40 million amphitheater, to be called The Sunset, which will be part of the Polaris Pointe mixed-use development in southeast Australia. Interstate 25 and North Gate Boulevard in northern Colorado Springs. . It is envisioned as a home for concerts, big-name music artists, and shows.
Roth hopes to secure permits to begin site preparation work for The Sunset within weeks and aims to have the site completed by the end of summer 2023 so the shows can take place before the end of this year. A full year of amphitheater events would be targeted for 2024, he said.
Roth said he has already worked to line up additional parking for the amphitheater.
He said he now has agreements in place with Academy School District 20, the Classical Academy charter school and Compassion International Ministry to the south and Bass Pro Shops, a Polaris Pointe-à-Pitre anchor. proximity. Their parking lots would provide more than 3,000 offsite spaces for spectators, who would be transported to the venue, Roth said.
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The Sunset Amphitheater would join Roth’s Boot Barn Hall near the Bourbon Brothers indoor music venue in Polaris Pointe, and its Bourbon Brothers Smokehouse & Tavern restaurant and Buttermilk Breakfast & Burgers.
Roth said Notes Live also has funding planned for a multimillion-dollar entertainment campus that will cover a city block in downtown Gainesville, Georgia, northeast of Atlanta. Construction has begun on this project, which is scheduled to open in the first quarter of 2023.
An 18-acre multi-concept project is also being funded and planned in Murfreesboro, Tennessee, south of Nashville, according to Roth. A Bourbon Brothers Smokehouse and Tavern, a 20,000 square foot Boot Barn Hall and a 4,500 seat outdoor amphitheater would be part of this development.
In its IPO, Notes Live plans to sell stock before Sept. 1 in a private placement and before the company files a federal Securities and Exchange Commission filing in the fourth quarter, Roth said.
This request, known as Form S-1, is part of Notes Live’s effort to go public and is necessary for the shares to be registered with the SEC and possibly publicly traded. The S-1 also outlines the use of proceeds from the stock sale, the company’s business model and other financial details, according to online publications by financial experts.
The stock offering for the pre-public offering is being managed by Donald Capital, a New York-based investment bank, Roth said. About 500,000 of the 1.5 million shares have already been requested by investors and the rest are expected to sell quickly, he predicted.