DraftKings set to go public despite coronavirus-induced sports freeze [Reuters]
Diamond Eagle Acquisition Corp. (DEACU)
Company Research
Source: Reuters
DraftKings set to go public despite coronavirus-induced sports freeze NEW YORK, April 23 (Reuters) - DraftKings Inc on Thursday completed its $3.3 billion reverse merger with blank-check company Diamond Eagle Acquisition Corp, teeing up the U.S. sports betting company to make its Nasdaq debut at a time when there is almost no live sports. The deal closing is a sign of long-term optimism in the growing market for U.S. sports gambling, even as the coronavirus outbreak has frozen the sports calendar. Shares of Diamond Eagle, a special purpose acquisition company (SPAC) that raised funds in a 2019 initial public offering to make an acquisition, are up more than 50% this year in anticipation of the DraftKings tie-up. This bucks declines in the broader market and signals investor confidence in the deal, which was announced in December and is being completed alongside a merger with sports betting technology firm SBTech. Crucially, the acquisition by Diamond Eagle also provides DraftKings, wh
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