DraftKings unveils stock offering
At least 32 million shares of Class A common stock will be made available
DraftKings Inc., a daily fantasy sports contest and sports betting operator headquartered in Boston, on Monday said it has commenced an underwritten public offering of 32 million shares of its Class A common stock.
The offering consists of 16 million shares being offered by DraftKings and 16 million shares offered by certain selling stockholders of DraftKings.
According to the company, DraftKings and the selling stockholders intend to grant the underwriters a 30-day option to purchase up to an additional 4.8 million shares of Class A common stock.
DraftKings said it will not receive any proceeds from the sale of Class A common stock offered by the selling stockholders.
“DraftKings intends to use the net proceeds it receives from the offering for general corporate purposes,” the company said in a statement.
Credit Suisse Securities (USA) and Goldman Sachs & Co. are acting as joint book-running managers and as representatives of the underwriters 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. Copies of the preliminary prospectus may be obtained from the SEC or either of the two underwriters.
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