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To you as well bubba!
OK..Good luck dude
How good do u think?
DraftKings Closes Business Combination and Will Begin Trading on the Nasdaq Stock Exchange
Investor Call Scheduled for Friday, April 24 at 8AM EDT
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April 23, 2020 17:50 ET | Source: DraftKings Inc.
BOSTON, April 23, 2020 (GLOBE NEWSWIRE) -- DraftKings Inc., a digital sports entertainment and gaming company known for its industry-leading daily fantasy sports and mobile sports betting platforms, today announced that it has completed its business combination (the “Business Combination”) with SBTech (Global) Limited (“SBTech”), an international provider of cutting-edge sports gaming technologies, and Diamond Eagle Acquisition Corp. (“Diamond Eagle”) (Nasdaq: DEAC). The Business Combination, which was approved on April 23, 2020, by DEAC’s stockholders, creates the only vertically integrated pure-play sports betting and online gaming company based in the United States. Beginning April 24, 2020, DraftKings’ shares of Class A common stock will trade on the Nasdaq Global Select Market under the ticker symbol “DKNG” and its warrants will trade on Nasdaq under the ticker symbol “DKNGW”.
“Today marks another milestone for DraftKings and the future of digital sports entertainment and gaming in America,” said Jason Robins, co-founder and CEO of DraftKings. “By bringing together our leading consumer brand, data science expertise and industry-leading products with SBTech’s proven technology platform, we will accelerate our innovation, growth and scale. I am confident that the new DraftKings will progress our goal of offering the best, most innovative sports and gaming products to our customers.”
In addition to Robins, DraftKings will continue to be led by its highly experienced management team including co-founder and President, North America, Matt Kalish; co-founder and President, Global Technology and Product, Paul Liberman; Chief Legal Officer, R. Stanton Dodge; and Chief Financial Officer Jason Park. Robins will also serve as Chairman of the Board with Harry Sloan of Diamond Eagle serving as Vice Chair.
DraftKings, which has approximately 2,300 worldwide employees, will maintain its global headquarters in Boston, as well as additional U.S.-based offices in Hoboken, Las Vegas, New York and San Francisco, and international offices including Dublin, Kyiv, Plovdiv, Sofia and Tel Aviv.
Raine Group acted as exclusive financial advisor to DraftKings. Goldman Sachs & Co. LLC acted as exclusive financial advisor to Diamond Eagle. Sullivan & Cromwell LLP acted as legal advisor to DraftKings. Winston & Strawn LLP acted as legal advisor to Diamond Eagle. Stifel acted as financial advisor and Herzog, Fox & Neeman and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisors to SBTech. Deutsche Bank Securities Inc. and Goldman Sachs & Co. LLC acted as capital markets advisors, and Goldman Sachs & Co. LLC and Credit Suisse Securities (USA) LLC acted as private placement agents to Diamond Eagle.
Conference Call Information
Investors may listen to a pre-recorded call from DraftKings co-founder and CEO Jason Robins regarding the closing and DraftKings’ entry to the public market at 8:00 am EDT on April 24, 2020. The live call may be accessed by dialing +1 833-644-0686 for domestic callers or +1 918-922-6762 for international callers. Once connected with the operator, please provide the conference ID of “4525506.”
A replay of the call will also be available from 2:00 pm EDT on April 24, 2020 to 11:59 pm EDT on May 1st, 2020. To access the replay, the domestic toll-free access number is +1 855-859-2056, or for international callers +1 404-537-3406, and participants should provide the conference ID of “4525506.”
Please visit DraftKings’ investor relations website investors.draftkings.com to access the pre-recorded call.
About DraftKings
DraftKings is a digital sports entertainment and gaming company created to fuel the competitive spirits of sports fans with products that range across daily fantasy, regulated gaming and digital media. Headquartered in Boston, and launched in 2012 by Jason Robins, Matt Kalish and Paul Liberman, DraftKings is the only U.S.-based vertically integrated sports betting operator. DraftKings is a multi-channel provider of sports betting and gaming technologies, powering sports and gaming entertainment for 50+ operators across more than 15 regulated U.S. and global markets, including Arkansas and Oregon in the U.S. DraftKings’ Sportsbook offers mobile and retail betting for major U.S. and international sports and operates in the United States pursuant to regulations in Indiana, Iowa, Mississippi, New Hampshire, New Jersey, New York, Pennsylvania and West Virginia. DraftKings’ daily fantasy sports product is available in 8 countries internationally with 15 distinct sports categories. DraftKings is the official daily fantasy partner of the NFL as well as an authorized gaming operator of the MLB and NBA.
Forward-Looking Statements
Certain statements made in this release are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside DraftKings’ control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include the inability to recognize the anticipated benefits of the Business Combination; costs related to the Business Combination; the inability to obtain or maintain the listing of DraftKings’ shares on Nasdaq; DraftKings’ ability to manage growth; DraftKings’ ability to execute its business plan and meet its projections; potential litigation involving the DraftKings; changes in applicable laws or regulations, particularly with respect to gaming; general economic and market conditions impacting demand for DraftKings’ products and services, and in particular economic and market conditions in the media / entertainment / gaming / software industry in the markets in which DraftKings’ operates; the potential adverse effects of the ongoing global coronavirus (COVID-19) pandemic on capital markets, general economic conditions, unemployment and DraftKings’ liquidity, operations and personnel. DraftKings does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Contacts
Media:
Media@draftkings.com
Investors:
Holy crap! With $11.50 warrant strike price AND warrants @ ~$2.86, that puts the costs for a DEAC share @ ~$14.50
Buyers have ~7 (seven) days remaining:
I bought 10000 yesterday at 2.72
Of course, but I won’t be buying again for approximately 30 days. This will take a beating which won’t bother me long term
Use this b/s to buy and buy
Sucks we’ve got at least a quarter of $0 revenue now. March Madness is a bigger handle than the Super Bowl, so rough timing. I’ll average down when we have a start date to the professional leagues again.
Ouch. It’s all trivial when you’re talking about public health, but a real double whammy kick in the balls.
hold the line deac heads. We are gold right here
Yeppers, I will take it...Looking Great $DEACW
Another great day!!!!
Whatever gets you thru the nite brother ,,,
I prefer to leave that a mystery
I am accumulating all dips here my friend.., I don’t recall if you answer me,,, are u a doc?
They are picking up Vega as we move off the redeem price, should be good as fear sets in macro wise
Sure you lose on the delta but it’s buffered
guess warrants of deac stock just became even more attractive and valuable since we broke the cycle of the stock trading above 18 in 20 of the last 30 days where the company can call them...all good with the deac heads
I’m not doing it but I am curious as to how to think about the warrants
Is there any options calculator out there for the public that includes a redeem clause ? Pretty exotic stuff
I don’t like that stragedy but if it works it works
What I wonder is
What’s the delta of the warrants right now?
Suppose I short the stock and buy the warrants , I think I’d make more money if we sold back off and break even if we rally, before fees to borrow the stock
Got you... we have at least a minimum understanding
Yes I agree the warrants will be a winner if the stock goes to $20 but that’s obvious. So will the stock. In fact they will go up in tandem. Does that make the warrants better for the leverage? If you want to make that argument ok but how about this just buy the stock on margin at IB and pay 1.75%. In the short term, it’s pretty dang close
Typos on my previous post
...the warrants even if they get called the stock should be trading day at least 20 warrant cost 6 buy at 11.50 you seat on a great stock ,you have a great position,and the minute to execute you will make money on the warrants price and or seat on profit with your newly adquired stock
Why is it a great deal? Outside of he leverage your get, Is it better than just buying the stock?
I’m not bearish I’m a warrants geek
Yes but you sound it bearish when in fact I think is a great deal
I’m not saying it’s a bad deal but I am saying know what you’re trading. The warrants will become stock if we hang above $18. I actually think there’s a chance the warrants are a better bet than the stock if the stock moves back down as the Vega comes back into the warrants + the redeem becomes lower probability. It’s a pretty weird situation, that’s why I’m interested in it and I’ll venture to guess that most people on iHub twitter etc, do not understand the features of these warrants and I’m trying to shine light on it
I don’t know what’s the bad deal with the warrants even if they get called the stock should be trading day 20 warrant cost 6 buy at 22.50 you seat on a great stock ,you have a great position,and the minute to execute you will make money on the warrants price and or seat on profit with your newly adquired stock
It’s not your bad and there’s no need to explain or make excuses, my post is to help people understand what’s going on with these warrants — it’s not very straight forward. I haven’t done that much DD as I don’t own the warrants , but I think it’s important for people who have skin in the game to understand their trade! Good luck and good trading
My bad for asking someone else on board if the Common or Wts were a better investment. Should have done my own DD. I do have lots more Common than Wts, and its not like I'll lose $ - but thought it was a good lower priced alternative, like buying a Call that doesnt expire for 6 yrs. Oh well - still making a profit with hopefully the best to come.
So do you understand the warrants are only going up if the stock goes up and they will eventually be converted to stock
Are you award the warrants are redeemable?
$DEAC "Following the Business Combination, there will be 13,333,333 outstanding public warrants to purchase 13,333,333 shares of New DraftKings Class A common stock at an exercise price of? $11.50 per share, which warrants will become exercisable 30 days following the Closing
$DEAC at 17.20. When stays over 18 for ten consecutive days, company will perform cashless exercise of warrants, ticker $DEACW now $5.54, at pre-determined formula, handing warrant owners $DEAC shares. #leverage Each $DEACW worth $DEAC price minus 11.50 (5.70 in above)
temp blip the warrants got a long way to expire got all the time lol
yep like is said earlier don't need to worry about tick by tick action here
SIXE$
DEACW
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