DraftKings Completes Business Combination, to Trade Under Ticker 'DKNG'

DraftKings Inc. (NASDAQ: DKNG) announced that it has completed its business combination with SBTech Limited and Diamond Eagle Acquisition Corp. (Nasdaq: DEAC). The Business Combination, which was approved on April 23, 2020, by DEAC’s stockholders, creates the only vertically integrated pure-play sports betting and online gaming company based in the United States. Beginning April 24, 2020, DraftKings’ shares of Class A common stock will trade on the Nasdaq Global Select Market under the ticker symbol “DKNG” and its warrants will trade on Nasdaq under the ticker symbol “DKNGW”.

“Today marks another milestone for DraftKings and the future of digital sports entertainment and gaming in America,” said Jason Robins, co-founder and CEO of DraftKings. “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.”

In addition to Robins, DraftKings will continue to be led by its highly experienced management team including co-founder and President, North America, Matt Kalish; co-founder and President, Global Technology and Product, Paul Liberman; Chief Legal Officer, R. Stanton Dodge; and Chief Financial Officer Jason Park. Robins will also serve as Chairman of the Board with Harry Sloan of Diamond Eagle serving as Vice Chair.

DraftKings, which has approximately 2,300 worldwide employees, will maintain its global headquarters in Boston, as well as additional U.S.-based offices in Hoboken, Las Vegas, New York and San Francisco, and international offices including Dublin, Kyiv, Plovdiv, Sofia and Tel Aviv.

Raine Group acted as exclusive financial advisor to DraftKings. Goldman Sachs & Co. LLC acted as exclusive financial advisor to Diamond Eagle. Sullivan & Cromwell LLP acted as legal advisor to DraftKings. Winston & Strawn LLP acted as legal advisor to Diamond Eagle. Stifel acted as financial advisor and Herzog, Fox & Neeman and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisors to SBTech. Deutsche Bank Securities Inc. and Goldman Sachs & Co. LLC acted as capital markets advisors, and Goldman Sachs & Co. LLC and Credit Suisse Securities (USA) LLC acted as private placement agents to Diamond Eagle.

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