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Saturday, January 30, 2021 10:14:52 AM
NEW YORK--(BUSINESS WIRE)--Drive Shack Inc. (NYSE: DS, the “Company”), a leading owner and operator of golf-related leisure and entertainment businesses, announced today the launch of an underwritten public offering of $50,000,000 of shares of common stock, subject to market conditions. All shares of common stock are being offered by the Company. The underwriters have agreed to purchase all of the shares offered and the Company intends to grant the underwriters an option for a period of 30 days to purchase up to an additional 15% of the number of shares of common stock sold in the offering. There can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
The Company intends to use the net proceeds from this offering for investments and general corporate purposes, including for working capital and the planned development of five of seven Puttery venues in 2021.
BTIG, LLC is acting as lead book-running manager and Craig-Hallum Capital Group LLC is acting as joint book-running manager for the offering.
The offering will be made pursuant to the Company’s effective shelf registration statement on Form S-3 (333-251671) filed with the Securities and Exchange Commission (the “SEC”). The offering will be made only by means of a prospectus and a related prospectus supplement. Prospective investors should read the prospectus supplement and the prospectus in that registration statement and other documents the Company has filed or will file with the SEC for more complete information about the Company and the offering. You may obtain these documents for free by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, copies of the prospectus supplement and the prospectus may be obtained from BTIG, LLC, 65 East 55th Street, New York, NY 10022, or by e-mail at equitycapitalmarkets@btig.com.
This press release does not constitute an offer to sell or the solicitation of an offer to buy shares of common stock, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
About Drive Shack
Drive Shack Inc. is a leading owner and operator of golf-related leisure and entertainment businesses.
https://www.businesswire.com/news/home/20210128006131/en/Drive-Shack-Inc.-Announces-Proposed-Public-Offering-of-Common-Stock
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