DraftKings Rises 10% in Public Debut During Freeze on Sports [Yahoo! Finance News]
Diamond Eagle Acquisition Corp. (DEACU)
Company Research
Source: Yahoo! Finance News
DraftKings Rises 10% in Public Debut During Freeze on Bloomberg) -- A stalled initial public offering, a failed merger, and one pandemic later, DraftKings Inc. is public.The Boston-based sports-betting company jumped rose in its first trading day after completing a reverse merger with Diamond Eagle Acquisition Corp., a special purpose acquisition company. The $3.3 billion deal combining DraftKings and the gaming technology firm SB was approved Thursday.Its shares, after climbing as much as 18%, closed up 10% to $19.35 in New York, giving the company a market value of $6.06 billion.The DraftKings debut shows the continuing lure of both sports and public markets, even as both have been hit by the coronavirus pandemic like a 300-pound NFL lineman. And the company took plenty of hits on its road to victory.In 2015, the company was in talks with investment banks about a potential IPO only to face a market selloff that quashed its plans. After flooding the market with advertising, it became
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