It is anticipated that the combined company will have an equity market capitalization at closing of approximately $3.3 billion and have over $500 million of unrestricted cash on the balance sheet.
“We are pleased to bring DraftKings and SBTech together as one public company,” said Harry E. Sloan, Founding Investor of Diamond Eagle. “DraftKings is already a premier online fantasy sports and betting platform. With the full integration of SBTech’s technology and innovative product expertise coupled with the right capitalization, DraftKings will be in a great position to continue its ambitious expansion plans in the United States. I have known Jason Robins for four years, and consider him a true entrepreneur. I believe our investors share my utmost respect for his vision and leadership.”
DraftKings Brand Highlights
Since becoming the first mobile operator to launch in New Jersey in August 2018, DraftKings has consistently maintained greater than 30% online market share, and for the nine months ended September 30, 2019, the company recorded 8.5x year-over-year revenue growth in the state. DraftKings currently offers mobile and online sports betting in Indiana, New Jersey, Pennsylvania and West Virginia, and retail locations in Iowa, Mississippi, New Jersey and New York.
DraftKings’ daily fantasy sports product is available in 43 states and 8 international markets including Australia, Canada and the U.K., has approximately 60% market share and leverages its customer acquisition and cross-selling model for its sportsbook and iGaming offerings.
DraftKings established a “one-platform” model by launching features like single sign-on, an integrated wallet and universal user profile, that allows a user to move seamlessly between a DFS contest, a sports wager and a hand of blackjack, enabling the company to quickly bring to market new offerings without reinventing the wheel of an entirely new back-end infrastructure.
SBTech is a premier global full-service B2B turnkey technology provider with omni-channel sports betting solutions, trading services, and marketing and bonus tools powering some of the world’s most popular sports betting and online gaming brands.
50+ partners in 20+ regulated markets and jurisdictions including Czech Republic, Denmark, Ireland, Italy, Mexico, Portugal, Spain, Sweden, and U.K. and Arkansas, Indiana, Mississippi, New Jersey, Oregon and Pennsylvania in United States.
Awarded exclusive contract offering mobile and retail sports betting for the Oregon state lottery with their Oregon Lottery Scoreboard brand.
|Title Of Each Class||Trading Symbol(s)||Name of each exchange on which registered|
|Units, each consisting of one share of Class A common stock and one-third of one redeemable warrant||DEACU||The Nasdaq Stock Market LLC|
|Class A common stock, par value $0.0001 per share||DEAC||The Nasdaq Stock Market LLC|
|Redeemable warrants, each warrant exercisable for one share of Class A common stock, each at an exercise price of $11.50 per share||DEACW||The Nasdaq Stock Market LLC|
$DKNG; Diamond Eagle Announces Special Meeting Date to Approve Proposed Business Combination With DraftKings and SBTech Diamond Eagle Acquisition Corp. (“Diamond Eagle” or the “Company”) (Nasdaq: DEAC, DEACU, DEACW) announced today In connection with the Special Meeting, eligible Diamond Eagle stockholders that wish to exercise their redemption rights must do so no later than 5:00 p.m. Eastern Time on April 7, The closing of the Business Combination is subject to approval by Diamond Eagle’s stockholders and the satisfaction of other customary closing conditions and is expected to close as soon as practicable following the Special Meeting.
March 20 2020 - 12:00PM
Business Wire Print
Special Meeting Scheduled for April 9, 2020
that it has called the special meeting of its stockholders (the “Special Meeting”) for April 9, 2020, to, among other things,
approve the proposed business combination (the “Business Combination”) among Diamond Eagle, DraftKings Inc. (“DK”)
and SBTech (Global) Limited (“SBT”). Stockholders of record as of the close of business on March 20, 2020,
the record date for the Special Meeting (the “Record Date”), will be entitled to vote their shares at the Special Meeting either in person or by proxy.
Notice of the Special Meeting was mailed on March 20, 2020 to stockholders of record as of the Record Date.
Due to concerns about the coronavirus (COVID-19), the Company may hold the Special Meeting solely by means of remote communication or provide for the
ability of stockholders to attend the Special Meeting by means of remote communication. In that event,
the Company will announce that fact as promptly as practicable, and details on how to participate will be issued by press release,
posted on our website at
and filed with the U.S. Securities and Exchange Commission (the “SEC”) as supplemental proxy material.
2020 by following the procedures specified in the definitive proxy statement/prospectus for the Special Meeting, when available. In addition, institutional investors (including funds managed by Capital Research and Management Company, Wellington Management Company and Franklin Templeton) have committed to provide equity financing that will close concurrently with the Business Combination.
Diamond Eagle Acquisition Corp. (“Diamond Eagle” or the “Company”) (Nasdaq: DEAC, DEACU, DEACW) announced today
In connection with the Special Meeting, eligible Diamond Eagle stockholders that wish to exercise their redemption rights must do so no later than 5:00 p.m. Eastern Time on April 7,
The closing of the Business Combination is subject to approval by Diamond Eagle’s stockholders and the satisfaction of other customary closing conditions and is expected to close as soon as practicable following the Special Meeting.
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