On March 18, 2019, OUTFRONT Media Inc. (the “Company”) filed with the U.S. Securities and Exchange Commission (the “SEC”) an automatic shelf registration statement on FormS-3 (the “New Registration Statement”) to replace the existing automatic shelf registration statement on FormS-3 (No.333-210788) filed with the SEC on April 15, 2016 (the “Prior Registration Statement”), which was scheduled to expire on April 15, 2019 pursuant to Rule 415(a)(5) under the Securities Act of 1933, as amended. The Prior Registration Statement was deemed terminated upon the effectiveness of the New Registration Statement on March 18, 2019.
In connection with the filing of the New Registration Statement, the Company also filed the following two prospectus supplements:
(i). A prospectus supplement (the “ATM Prospectus Supplement”) covering the offering of an aggregate offering price of up to $267,545,979 of the Company’s common stock, par value $0.01 per share (the “Common Stock”), pursuant to the ATM Equity OfferingSM Sales Agreement (the “Sales Agreement”). The ATM Prospectus Supplement continues an offering, from time to time, of Common Stock having an aggregate offering price of up to $300,000,000 previously covered by the Prior Registration Statement. A copy of the Sales Agreement was previously filed as Exhibit 1.1 to the Company’s Current Report on Form8-K filed with the SEC on November 21, 2017.
(ii). A prospectus supplement (the “AV Prospectus Supplement”) covering the possible issuance, from time to time, of up to 1,623,256 shares of Common Stock, in exchange for Class A equity interests (“Class A Shares”) of Outfront Canada Holdco LLC, a subsidiary of the Company that controls its Canadian business, that may be tendered for redemption. The AV Prospectus Supplement continues an offering of up to 1,953,407 shares of the Company’s Common Stock previously covered by the Prior Registration Statement. The issuance of the Class A Shares was previously disclosed in the Company’s Current Report on Form8-K filed with the SEC on June 14, 2017.
The Company is filing this Current Report on Form8-K to provide legal opinions of its counsel, Venable LLP, regarding the legality of the securities covered by the ATM Prospectus Supplement and the AV Prospectus Supplement, which opinions are attached hereto as Exhibits 5.1 and 5.2, respectively.
Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits. The following exhibits are filed herewith:
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Exhibit Number | | Description |
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5.1 | | Opinion of Venable LLP (ATM Prospectus Supplement) |
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5.2 | | Opinion of Venable LLP (AV Prospectus Supplement) |
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23.1 | | Consent of Venable LLP (included in Exhibit 5.1) |
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23.2 | | Consent of Venable LLP (included in Exhibit 5.2) |