VerticalScope Refinances its Existing Senior Secured Credit Facility in Connection With Initial Public Offering

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TORONTO, June 24, 2021 /CNW/ - VerticalScope Holdings Inc. ("VerticalScope" or the "Company") (TSX: FORA) announced today that it had entered into an amended and restated credit agreement (such agreement, the "A&R Credit Agreement"), amending and restating the Company's existing credit agreement (the "Existing Credit Agreement") with Capital One, National Association, as sole lead arranger, sole bookrunner and administrative agent, and HSBC Bank Canada, National Bank of Canada and Royal Bank of Canada, as co-syndication agents. The multi-tranche term loans under the Existing Credit Agreement were restated into a single term loan tranche with a principal amount of $50 million and the revolving loan commitments under the Existing Credit Agreement were increased to $75 million. The credit facilities have been extended and now mature on June 24, 2026. The A&R Credit Agreement contains representations and warranties, affirmative and negative covenants and events of default, and is secured on a basis, consistent in material respects with the Existing Credit Agreement.

Kirkland & Ellis LLP acted as legal counsel to VerticalScope and King & Spalding LLP acted as legal counsel to Capital One, National Association.

About VerticalScope

Founded in 1999 and headquartered in Toronto, Ontario, VerticalScope is a technology company that has built and operates a cloud-based digital platform for online enthusiast communities in high-consumer spending categories. VerticalScope's mission is to enable people with common interests to connect, explore their passions and share knowledge about the things they love.  Through targeted acquisitions and development, VerticalScope has built a portfolio of over 1,200 online communities and more than 100 million monthly active users. VerticalScope is listed on the Toronto Stock Exchange (TSX: FORA).

Forward-Looking Statements

This news release may contain forward-looking information within the meaning of applicable securities legislation that reflects the Company's current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company's control. Such risks and uncertainties include, but are not limited to, the factors discussed under "Risk Factors" in the supplemented PREP prospectus dated June 14, 2021. Actual results could differ materially from those projected herein. VerticalScope does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required under applicable securities laws.

SOURCE VerticalScope Inc.

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