DraftKings Announces Voluntary Delisting of Warrants
July 10 2020 - 7:02PM
DraftKings Inc. (Nasdaq: DKNG) today announced that it has notified
the Nasdaq Stock Market of its intention to voluntarily delist its
private placement warrants to purchase shares of DraftKings’ Class
A common stock that were issued under the Warrant Agreement, dated
as of May 10, 2019 (the “Warrant Agreement”), by and among Diamond
Eagle Acquisition Corp. and Continental Stock Transfer & Trust
Company, as warrant agent and transfer agent (as assigned to and
assumed by DraftKings and Computershare Trust Company, N.A., a
federally chartered trust company, and Computershare Inc., a
Delaware corporation, as warrant agent and transfer agent).
DraftKings issued public and private placement
warrants under the Warrant Agreement that were previously listed on
Nasdaq under the ticker symbol DKNGW. Following the redemption of
the public warrants on July 2, 2020, the private placement warrants
were assigned a new CUSIP number (26142R120) and began trading
under a new ticker symbol on Nasdaq (DKNGZ). In light of the small
number of holders of the private placement warrants and their
limited trading volume following the redemption of the public
warrants, and the costs of maintaining the listing, DraftKings has
determined voluntarily to delist the private placement warrants.
The delisting will be effective on the 10th day following the
filing of a Form 25 with the Securities and Exchange Commission,
which filing DraftKings intends to make on July 20, 2020.
DraftKings anticipates that the trading of the private placement
warrants (DKNGZ) will be suspended by Nasdaq at market open on July
20, 2020, and that the trading of such warrants will remain halted
until such time.
After the delisting, the private placement
warrants will remain outstanding and exercisable or transferable by
their holders in accordance with the terms of the Warrant
Agreement. DraftKings has not made arrangements for the listing
and/or registration of the private placement warrants on another
national securities exchange or quotation medium. To the extent
that any of the private placement warrants are exercised by their
current holders, the shares of DraftKings’ Class A common stock
received through such exercise will be subject to the lockup
arrangement applicable to the exercising holder. The continued
listing of DraftKings’ Class A common stock (including such shares
underlying the private placement warrants), which trades on Nasdaq
under the ticker symbol “DKNG,” is not affected by the delisting of
the warrants.
About DraftKings
DraftKings Inc. (Nasdaq: DKNG) is a digital sports entertainment
and gaming company created to fuel the competitive spirits of
sports fans with products that range across daily fantasy,
regulated gaming and digital media. Headquartered in Boston, and
launched in 2012 by Jason Robins, Matt Kalish and Paul Liberman,
DraftKings is the only U.S.-based vertically integrated sports
betting operator. DraftKings is a multi-channel provider of sports
betting and gaming technologies, powering sports and gaming
entertainment for 50+ operators across more than 15 regulated U.S.
and global markets, including Arkansas and Oregon in the U.S.
DraftKings’ Sportsbook offers mobile and retail betting for major
U.S. and international sports and operates in the United States
pursuant to regulations in Colorado, Indiana, Iowa, Mississippi,
New Hampshire, New Jersey, New York, Pennsylvania and West
Virginia. DraftKings’ daily fantasy sports product is available in
8 countries internationally with 15 distinct sports categories.
DraftKings is the official daily fantasy partner of the NFL as well
as an authorized gaming operator of the MLB and NBA.
Forward Looking Statements
Certain statements made in this release are “forward looking
statements” within the meaning of the “safe harbor” provisions of
the United States Private Securities Litigation Reform Act of 1995.
When used in this press release, the words “estimates,”
“projected,” “expects,” “anticipates,” “forecasts,” “plans,”
“intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,”
“propose” and variations of these words or similar expressions (or
the negative versions of such words or expressions) are intended to
identify forward-looking statements. These forward-looking
statements are not guarantees of future performance, conditions or
results, and involve a number of known and unknown risks,
uncertainties, assumptions and other important factors, many of
which are outside DraftKings’ control, that could cause actual
results or outcomes to differ materially from those discussed in
the forward-looking statements. For a discussion of additional
risks and uncertainties, which could cause actual results to differ
from those contained in the forward-looking statements, see
DraftKings’ Securities and Exchange Commission filings. DraftKings
does not undertake any obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
Contact Information
Media Inquiries:Media@draftkings.com
Investor Inquiries:Investors@draftkings.com
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