MDA Completes IPO

Toronto, Canada, April 7, 2021--MDA Ltd., a provider of advanced technology and services to the burgeoning global space industry, today announced the successful closing of its previously announced an initial public offering (IPO) of common shares of the company. Pursuant to the Offering, MDA issued 28,571,500 Common Shares at a price of CDN$ 14.00 per Common Share for gross proceeds to the company of approximately CDN$ 400 million.

The common shares are listed on the Toronto Stock Exchange under the symbol “MDA”.

The IPO 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.

Goodmans LLP and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal counsel to the Company, and Osler, Hoskin & Harcourt LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal counsel to the underwriters.

The company has granted to the underwriters an option, exercisable, in whole or in part, at any time and from time to time for a period of 30 days after closing of the Offering, to purchase from the company up to 4,285,725 Common Shares (representing 15% of the number of Common Shares sold in the base offering) at a price of CDN$ 14.00 per Common Share, for the purpose of covering the underwriters’ over-allocation position, if any.

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.