DraftKings (DKNG) Prices 32M Share Public Offering of Class A Common Stock at $52/Share

October 7, 2020 7:01 AM EDT

Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.

DraftKings Inc. (Nasdaq: DKNG) (“DraftKings”) announced today the pricing of its previously announced underwritten public offering of 32 million shares of its Class A common stock. DraftKings will sell 16 million shares of its Class A common stock and certain selling stockholders of DraftKings will sell 16 million shares of Class A common stock, at a public offering price of $52.00 per share for a total offering size of $1.664 billion. DraftKings will not receive any proceeds from the sale of Class A common stock offered by the selling stockholders. DraftKings has granted the underwriters a 30-day option to purchase up to 4.8 million additional shares of Class A common stock.

DraftKings intends to use the net proceeds it receives from the offering for general corporate purposes.

Credit Suisse and Goldman Sachs & Co. LLC are acting as lead joint book-running managers and as representatives of the underwriters for the offering. BofA Securities, Morgan Stanley, UBS Investment Bank, Canaccord Genuity, Evercore ISI and Oppenheimer & Co. Inc. are also acting as joint passive bookrunners for the offering. Craig-Hallum Capital Group, Deutsche Bank Securities, Macquarie Capital, Needham & Company, Northland Capital Markets, Rosenblatt Securities, The Benchmark Company, Truist Securities and Wolfe Capital Markets and Advisory are acting as co-managers for the offering.

The offering will be made only by means of a prospectus. A preliminary prospectus related to the offering has been filed with the Securities and Exchange Commission (the “SEC”) and is available on the SEC’s website at http://www.sec.gov.

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In

Related Categories

Corporate News, Equity Offerings, Trader Talk

Related Entities

Credit Suisse, Deutsche Bank, UBS, Goldman Sachs, Morgan Stanley, Needham & Company, The Benchmark Company, S1, Canaccord Genuity, Rosenblatt