Wed 4/8/2020 12:29 ET
DJIA23202.06561.492.42%TELCO165.611.230.74%GOLD1688.254.560.27%Shanghai2815.375.350.19%
S&P 5002717.8859.792.20%BANKS318.3710.033.15%OIL24.380.753.08%BITCOIN7268.6195.221.31%
NASDAQ8032.27147.791.84%PHARM574.996.901.20%US/EU1.090.000.00%Futures2703.1261.092.26%
Welcome Stranger!  Please sign up or log in to enable additional features.Sign Up | Mail | Log In
Forum - DYNAMIC ENERGY ALLIA - DEAC   

Return Top | Return List | Reply Thread | Search | Add DEAC | Ignore DEAC
From: efbailey (Rep: 1756)Date: 2019-12-23 11:18:57
Forum: DYNAMIC ENERGY ALLIA - Thread #674113284Msg #9 - Part 1/5 (Rec: 0)
spac merger with DraftKings, expected valuation $3.3B to close by Q2, 2020
Message: Endorse | Reply | Privately | Bookmark | Report Abuse User efbailey: Reward | Watch | Ignore

From: blacksheep (Rep: 332) reply to efbaileyDate: 2020-01-11 17:49:16
Forum: DYNAMIC ENERGY ALLIA - Thread #674113284Msg #10 - Part 2/5 (Rec: 0)
https://www.marketwatch.com/investing/stock/DEAC?mod=refsymb_bomw
spac merger with DraftKings, expected valuation $3.3B to close by Q2, 2020


Fantasy sports betting company DraftKings is going public, but not through a typical initial public offering.

DraftKings is merging into a public shell company called Diamond Eagle AcquisitionCorp. (ticker: DEAC). As part of the transaction, the company is also joining forces with SBTech, a sports betting and gaming technology company based on the Isle of Man. The combined business will take the DraftKings name and remain Nasdaq listed.

DraftKings CEO Jason Robins said in a statement that the combination of DraftKings and SBTech “creates a vertically integrated powerhouse” in sports betting and fantasy gaming. Robins will remain CEO of the company and will have 90% voting control of the company after the offering closes.

DraftKings said institutional investors—including funds run by Capital Research, Wellington Management, and Franklin Templeton —have committed to invest $304 million in the company’s common stock. The company also notes that Diamond Eagle has $400 million in cash via its IPO earlier this year. DraftKings expects a market cap at closing of about $3.3 billion—just an estimate on the company’s part—with $500 million in unrestricted cash on its balance sheet.

DraftKings offers mobile and online sports betting in Indiana, New Jersey, Pennsylvania, and West Virginia, with retail locations in Iowa, Mississippi, New Jersey, and New York. The company’s daily fantasy sports product is available in 43 states and eight international markets including Australia, Canada, and the U.K.

The deal is expected to close in the 2020 first half.

Diamond Eagle, a “special purpose acquisition company,” basically a blind pool, went public in May 2019 with a $400 million stock offering priced at $11.50 a share. The company was created by Harry Sloan, a former CEO of MGM, and Jeff Sagansky, a former exec at CBS and Sony Pictures, who has taken multiple SPACs public in recent years.

According to an investor presentation on the Diamond Eagle website, the company will have a dual-class stock structure with CEO Robins holding shares that give him super voting rights at a ratio of 10 to 1. The presentation notes that $76 million in convertible notes issued by DraftKings will convert to equity as part of the transaction.

An SEC filing on the deal shows that DraftKings holders will be paid $2.05 billion in new DraftKings shares, with Robins holding 90% of the voting stock in the company. SBTech holders will be paid $650 million, $200 million of that in cash and the rest in common stock in the combined companies.

The company projects combined revenue of $415 million this year, $540 million in 2020, and $700 million in 2021, growth of about 30% both next year and the year after on a blended basis.

According to Crunchbase, DraftKings had raised about $645 million in venture capital funding.

Diamond Eagle shares are up 5%, at $10.70.

Write to Eric J. Savitz at eric.savitz@barrons.com

Source: https://www.marketwatch.com/articles/draftkings-going-public-51577121834?mod=mw_quote_news
NOTE: This message has been revised 1 time. Read original version of this message.
Message: Endorse | Reply | Privately | Bookmark | Report Abuse User blacksheep: Reward | Watch | Ignore

From: efbailey (Rep: 1756) reply to blacksheepDate: 2020-01-13 10:10:17
Forum: DYNAMIC ENERGY ALLIA - Thread #674113284Msg #11 - Part 3/5 (Rec: 0)
Re: A hidden gem from the RoofKing>> low vol dip to 9ema on open. interest was meh first few days but gaining momo now.
Message: Endorse | Reply | Privately | Bookmark | Report Abuse User efbailey: Reward | Watch | Ignore

From: blacksheep (Rep: 332) reply to blacksheepDate: 2020-01-15 13:59:34
Forum: DYNAMIC ENERGY ALLIA - Thread #674113284Msg #12 - Part 4/5 (Rec: 0)
A hidden gem from the RoofKing
Message: Endorse | Reply | Privately | Bookmark | Report Abuse User blacksheep: Reward | Watch | Ignore

From: efbailey (Rep: 1756) reply to efbaileyDate: 2020-01-17 19:46:42
Forum: DYNAMIC ENERGY ALLIA - Thread #674113284Msg #14 - Part 5/5 (Rec: 0)
Re: new staff/office of 300 in Vegas, i hope deaconmike got some of these as it's his kinda game and ticker!

spac merger with DraftKings, expected valuation $3.3B to close by Q2, 2020
Message: Endorse | Reply | Privately | Bookmark | Report Abuse User efbailey: Reward | Watch | Ignore


TheLion.com | About Us | Agreement & Disclaimer | Privacy | Twitter
© 1999- TheLion.com, Inc.