Draftkings Inc Stock Price, News & Analysis

DraftKings (Nasdaq: DKNG) has announced the upsizing and pricing of its public offering from 33 million to 40 million shares of Class A common stock. DraftKings will sell 16 million shares while certain selling stockholders will sell 24 million shares at a price of $40.00 per share, totaling $1.6 billion. Notably, DraftKings will not receive proceeds from the selling stockholders' shares. The intended use of net proceeds from the offering is for general corporate purposes, with an additional option for underwriters to purchase 6 million more shares.

DraftKings (Nasdaq: DKNG) announced a public offering of 33 million shares of its Class A common stock, with 14 million shares from the company and 19 million from selling stockholders. Underwriters may purchase an additional 4.95 million shares. DraftKings will not receive proceeds from the selling stockholders. The company plans to use its net proceeds for general corporate purposes. The offering is subject to market conditions, and details are available in the preliminary prospectus filed with the SEC.

DraftKings (NASDAQ: DKNG) has partnered with Bay Mills Resort & Casino to expand its market access into Michigan, pending necessary licenses and approvals. This partnership will enable the launch of the DraftKings Sportsbook mobile app and a retail betting location at the Bay Mills Casino. A consumer study indicates significant interest in online sports betting among Michiganders, with over a third having placed legal bets elsewhere. DraftKings aims to provide an innovative sports betting experience as sports resume across the U.S.

On May 27, 2020, DraftKings (Nasdaq: DKNG) announced the redemption of all outstanding public warrants for its Class A common stock, set at a redemption price of $0.01 per warrant. This decision follows the fulfillment of a price performance clause, with the stock closing at least $18.00 for 20 trading days within a 30-day period as of May 21, 2020. Unexercised warrants post-June 26, 2020, will become void. Registered holders were notified, and the underlying shares are registered under the Securities Act of 1933.

BOSTON, May 26, 2020 (GLOBE NEWSWIRE) -- DraftKings (Nasdaq: DKNG) announces participation in investor conferences featuring CEO Jason Robins. He will present at the Cowen 48th Annual Technology, Media & Telecom Conference on May 28, 2020, at 9:10 AM ET, and at the Goldman Sachs Lodging, Gaming, Restaurant, & Leisure Conference on June 1, 2020, at 9:55 AM ET. Both presentations will be webcast live via investors.draftkings.com. DraftKings is a leader in digital sports entertainment and gaming, partnering with 50+ operators across over 15 regulated markets.

DraftKings (Nasdaq: DKNG) reported a robust 30% revenue growth for Q1 2020, despite challenges posed by COVID-19. The company remains focused on customer engagement, having launched new products like fantasy sports and eSports betting. The recent business combination positions DraftKings as the only vertically integrated sports betting entity in the U.S. Looking ahead, the company anticipates no long-term impacts on its financial outlook due to the pandemic, and it aims to expand into new states as legislation progresses.