DraftKings completes merger, set to go public
DraftKings announced it completed the $3.3bn merger with Diamond Eagle and will go public on Wall Street Friday.
The company will trade under the ticker symbol DKNG on the Nasdaq.
Jason Robins, co-founder and CEO of DraftKings, said: “Today marks another milestone for DraftKings and the future of digital sports entertainment and gaming in America.
“By bringing together our leading consumer brand, data science expertise and industry-leading products with SBTech’s proven technology platform, we will accelerate our innovation, growth and scale. I am confident that the new DraftKings will progress our goal of offering the best, most innovative sports and gaming products to our customers.”
DraftKings chose to merge with a special purpose acquisition company (SPAC) instead of taking a more traditional approach to going public.
The Boston-based company offers mobile and retail sports betting in Iowa, Mississippi, Indiana, New Hampshire, New Jersey, New York, Pennsylvania and West Virginia.
With professional sports leagues around the world suspended due to the coronavirus pandemic, DraftKings has been forced to get creative with its offerings in recent weeks.
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