DraftKings Inc. has announced it has commenced an underwritten public offering of 32 million shares of its Class A common stock, consisting of 16 million shares being offered by DraftKings and 16 million shares being offered by certain selling stockholders of DraftKings.
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 will not receive any proceeds from the sale of Class A common stock offered by the selling stockholders.
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The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed.
DraftKings intends to use the net proceeds it receives from the offering for general corporate purposes. Credit Suisse Securities (USA) LLC and Goldman Sachs & Co. LLC are acting as joint book-running managers and as representatives of the underwriters for the offering.