Drive Shack (DS) to Offer $50M in Common Stock
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Drive Shack Inc. (NYSE: DS) 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.
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