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Friday, April 24, 2020 5:42:58 PM
DraftKings Enters the Market With a Bang
Chris Lange 24/7 wallst.com
April 24, 2020 3:52 pm
DraftKings Inc. (NASDAQ: DKNG) entered the market with a solid move on Friday in a time when most companies are putting off their IPOs. This is not an IPO in the truest sense because DraftKings is coming public through a merger but similar rules apply.
The company is offering 50 million shares and 3 million PIPE warrants that will trade under the symbol “DKNGW.” At the close, the company will have a total of 313 million shares of Class A common stock outstanding.
The net proceeds from this offering will go to the selling security holders, but DraftKings expects to receive an aggregate of approximately $34.5 million from the exercise of the PIPE warrants, which will be put towards working capital and general corporate purposes.
The combined company will be the only vertically integrated, pure-play sports betting and online gambling company in the United States. Diamond Eagle plans to change its name to DraftKings, reincorporate in Nevada and remain listed on Nasdaq under a still-to-be-determined ticker symbol.
Sports betting is currently legal in 16 states and the District of Columbia, and DraftKings operates in six. Not all these states have legalized online and mobile sports betting. In those states, a physical location is required. DraftKings has locations in Iowa, Mississippi, New York, and New Jersey. Online and mobile sports betting is available in Indiana, New Jersey, Pennsylvania, and West Virginia. The remaining states have yet to finalize how the legal sports betting will operate.
Included in the combination is SBTech, a turnkey technology provider with omnichannel sports betting solutions, trading services, and marketing and bonus tools, with more than 50 partners in more than 20 countries.
DraftKings stock was last seen up about 9% at $19.09, with a range of $17.60 to $20.75 on the day. Also over 10 million shares have moved as of the final hour of trading.
Recent DKNG News
- Form 8-K - Current report • Edgar (US Regulatory) • 06/13/2024 12:16:27 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 06/07/2024 08:57:38 PM
- Form 424B7 - Prospectus [Rule 424(b)(7)] • Edgar (US Regulatory) • 06/07/2024 08:52:54 PM
- Form S-3ASR - Automatic shelf registration statement of securities of well-known seasoned issuers • Edgar (US Regulatory) • 06/07/2024 08:05:46 PM
- Form D - Notice of Exempt Offering of Securities • Edgar (US Regulatory) • 06/06/2024 08:27:11 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/05/2024 12:14:45 AM
- iPhone Sales Skyrocket in China, Nvidia Surges in Pre-Market Following xAI Fundraising, and More News • IH Market News • 05/28/2024 11:37:48 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/25/2024 12:01:08 AM
- Form S-8 - Securities to be offered to employees in employee benefit plans • Edgar (US Regulatory) • 05/23/2024 11:23:54 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/23/2024 11:09:05 AM
- DraftKings Completes Acquisition of Jackpocket • GlobeNewswire Inc. • 05/23/2024 11:00:00 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/17/2024 08:32:13 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 05/08/2024 08:09:47 PM
- DraftKings Reports First Quarter Revenue Growth of 53% to $1,175 million; Raises 2024 Revenue Guidance Midpoint to $4.9 Billion and 2024 Adjusted EBITDA Guidance Midpoint to $500 Million • GlobeNewswire Inc. • 05/02/2024 08:15:00 PM
- Lori Kalani to Join DraftKings as First Chief Responsible Gaming Officer • GlobeNewswire Inc. • 04/22/2024 01:15:00 PM
- DraftKings to Release First Quarter 2024 Results on May 2, 2024 and Host Conference Call on May 3, 2024 • GlobeNewswire Inc. • 04/15/2024 08:30:00 PM
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- DraftKings and Kindbridge Behavioral Health Expand Program That Provides Treatment Resources for Individuals Experiencing Potential Indications of Problem Gaming • GlobeNewswire Inc. • 03/21/2024 07:31:33 PM
- DraftKings Announces Leadership Changes to Increase Focus on Operational Efficiencies • GlobeNewswire Inc. • 03/18/2024 08:15:00 PM
- DraftKings Launches “My Stat Sheet” – A New Tool to Promote Responsible Gaming • GlobeNewswire Inc. • 03/14/2024 11:30:00 AM
- DraftKings Set to Launch Mobile Sports Betting in North Carolina on March 11 • GlobeNewswire Inc. • 03/07/2024 07:18:55 PM
- DraftKings Announces Jason Robins’ Participation in Upcoming Event • GlobeNewswire Inc. • 03/06/2024 09:30:00 PM
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