Form 8-K - Current report
August 11 2023 - 7:01AM
Edgar (US Regulatory)
0000921738
false
0000921738
2023-08-11
2023-08-11
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 11, 2023
PENN Entertainment, Inc.
(Exact name of registrant
as specified in its charter)
Pennsylvania |
|
0-24206 |
|
23-2234473 |
(State or other jurisdiction
of incorporation) |
|
(Commission
File Number) |
|
(I.R.S. Employer
Identification No.) |
825 Berkshire Blvd., Suite 200
Wyomissing, PA 19610
(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: (610) 373-2400
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Common
Stock, $0.01 par value per share |
PENN |
The
Nasdaq Stock
Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR
230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 8.01 Other Events
This current report on Form 8-K is filed for
the purpose of filing the attached exhibit in connection with the prospectus supplement, dated August 11, 2023, filed with the Securities
and Exchange Commission, which forms a part of the Registration Statement on Form S-3ASR (Registration Statement No. 333-271825).
Item
9.01. Financial Statements and Exhibits.
(d) Exhibits.
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
|
PENN Entertainment, Inc. |
|
|
|
|
Date: August 11, 2023 |
By: |
/s/ Christopher S. Rogers |
|
|
Name: |
Christopher Rogers |
|
|
Title: |
Executive Vice President, Chief Strategy Officer |
Exhibit 5.1
![](https://www.sec.gov/Archives/edgar/data/921738/000110465923090069/tm2323449d3_ex5-1img001.jpg)
![](https://www.sec.gov/Archives/edgar/data/921738/000110465923090069/tm2323449d3_ex5-1img002.jpg)
August 11, 2023
PENN Entertainment, Inc.
825 Berkshire Blvd., Suite200
Wyomissing, Pennsylvania 19610
Re: |
PENN
Entertainment, Inc. – Prospectus Supplement |
Ladies and Gentlemen:
We have acted as counsel to PENN
Entertainment, Inc., a Pennsylvania corporation (the “Company”), in connection with the filing of a Prospectus Supplement
(the “Prospectus Supplement”) to the Registration Statement on Form S-3 (File No. 333-271825) (the “Registration
Statement”), relating to 1,254,800 shares of the Company’s common stock, par value $.01 per share (“Common Stock”)
which may be sold from time to time by the selling shareholder named in the Prospectus Supplement. The shares of Common Stock are referred
to herein collectively as the “Securities”.
In rendering this opinion, we
have examined originals or copies, certified or otherwise identified to our satisfaction, of (i) the Registration Statement and all
exhibits thereto, (ii) the Prospectus Supplement, (iii) the Second Amended and Restated Articles of Incorporation, as amended,
of the Company, and (iv) the Fourth Amended and Restated Bylaws of the Company (the “Bylaws”). We have also examined
such corporate records and other agreements, documents and instruments, and such certificates or comparable documents of public officials
and officers and representatives of the Company, and have made such inquiries of such officers and representatives and have considered
such matters of law as we have deemed appropriate as the basis for the opinions hereinafter set forth, including certain resolutions adopted
by the Board of Directors of the Company relating to the registration of the Securities and statements from certain officers of the Company.
In delivering this opinion, we
have assumed the genuineness of all signatures, the legal capacity of natural persons, the authenticity of all documents submitted to
us as originals, the conformity to originals of all documents submitted to us as certified, photostatic or conformed copies, the authenticity
of originals of all such latter documents, and the accuracy and completeness of all records, information and statements submitted to us
by officers and representatives of the Company. In making our examination of documents executed by parties other than the Company, we
have assumed that such parties had the power, corporate or other, to enter into and perform all obligations thereunder and have also assumed
the due authorization of all requisite action, corporate or other, and execution and delivery by such parties of such documents and the
validity and binding effect thereof with respect to such parties.
PENN Entertainment, Inc.
August 11, 2023
Page 2
We have also assumed that (a) the
Registration Statement and any amendments or supplements thereto (including all necessary post-effective amendments) complies with all
applicable laws and no stop order suspending the Registration Statement’s effectiveness will have been issued and remain in effect,
in each case.
Based upon and subject to the
limitations, qualifications, exceptions and assumptions set forth herein, we are of the opinion that the shares of Common Stock have been
legally issued, and are fully paid and non-assessable.
We
express no opinion as to the law of any jurisdictions other than the federal securities laws and the laws of the Commonwealth of Pennsylvania.
This
opinion is limited to the matters expressly stated herein. No implied opinion may be inferred to extend this opinion beyond the matters
expressly stated herein. We do not undertake to advise you or anyone else of any changes in the opinions expressed herein resulting from
changes in law, changes in facts or any other matters that hereafter might occur or be brought to our attention.
We
hereby consent to the sole use of this opinion as an exhibit to the Form 8-K to be filed by the Company and to the use of our name
under the heading “Legal Matters” in the Prospectus Supplement. In giving this consent, we do not admit that we are within
the category of persons whose consent is required by Section 7 of the Securities Act and the rules and regulations promulgated
thereunder.
Very truly yours,
![](https://www.sec.gov/Archives/edgar/data/921738/000110465923090069/tm2323449d3_ex5-1img003.jpg)
v3.23.2
Cover
|
Aug. 11, 2023 |
Cover [Abstract] |
|
Document Type |
8-K
|
Amendment Flag |
false
|
Document Period End Date |
Aug. 11, 2023
|
Entity File Number |
0-24206
|
Entity Registrant Name |
PENN Entertainment, Inc.
|
Entity Central Index Key |
0000921738
|
Entity Tax Identification Number |
23-2234473
|
Entity Incorporation, State or Country Code |
PA
|
Entity Address, Address Line One |
825 Berkshire Blvd.
|
Entity Address, Address Line Two |
Suite 200
|
Entity Address, City or Town |
Wyomissing
|
Entity Address, State or Province |
PA
|
Entity Address, Postal Zip Code |
19610
|
City Area Code |
610
|
Local Phone Number |
373-2400
|
Written Communications |
false
|
Soliciting Material |
false
|
Pre-commencement Tender Offer |
false
|
Pre-commencement Issuer Tender Offer |
false
|
Title of 12(b) Security |
Common
Stock, $0.01 par value per share
|
Trading Symbol |
PENN
|
Security Exchange Name |
NASDAQ
|
Entity Emerging Growth Company |
false
|
X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
+ References
+ Details
Name: |
dei_AmendmentFlag |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
+ References
+ Details
Name: |
dei_DocumentPeriodEndDate |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
+ References
+ Details
Name: |
dei_DocumentType |
Namespace Prefix: |
dei_ |
Data Type: |
dei:submissionTypeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
+ References
+ Details
Name: |
dei_EntityAddressAddressLine1 |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAddress Line 2 such as Street or Suite number
+ References
+ Details
Name: |
dei_EntityAddressAddressLine2 |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
+ References
+ Details
Name: |
dei_EntityAddressCityOrTown |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCode for the postal or zip code
+ References
+ Details
Name: |
dei_EntityAddressPostalZipCode |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionName of the state or province.
+ References
+ Details
Name: |
dei_EntityAddressStateOrProvince |
Namespace Prefix: |
dei_ |
Data Type: |
dei:stateOrProvinceItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityCentralIndexKey |
Namespace Prefix: |
dei_ |
Data Type: |
dei:centralIndexKeyItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicate if registrant meets the emerging growth company criteria.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityEmergingGrowthCompany |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
+ References
+ Details
Name: |
dei_EntityFileNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:fileNumberItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
+ References
+ Details
Name: |
dei_EntityIncorporationStateCountryCode |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarStateCountryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityRegistrantName |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityTaxIdentificationNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:employerIdItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionLocal phone number for entity.
+ References
+ Details
Name: |
dei_LocalPhoneNumber |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 13e -Subsection 4c
+ Details
Name: |
dei_PreCommencementIssuerTenderOffer |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 14d -Subsection 2b
+ Details
Name: |
dei_PreCommencementTenderOffer |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTitle of a 12(b) registered security.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b
+ Details
Name: |
dei_Security12bTitle |
Namespace Prefix: |
dei_ |
Data Type: |
dei:securityTitleItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionName of the Exchange on which a security is registered.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection d1-1
+ Details
Name: |
dei_SecurityExchangeName |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarExchangeCodeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Section 14a -Number 240 -Subsection 12
+ Details
Name: |
dei_SolicitingMaterial |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
+ References
+ Details
Name: |
dei_TradingSymbol |
Namespace Prefix: |
dei_ |
Data Type: |
dei:tradingSymbolItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Securities Act -Number 230 -Section 425
+ Details
Name: |
dei_WrittenCommunications |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
PENN Entertainment (NASDAQ:PENN)
Historical Stock Chart
From Jul 2024 to Aug 2024
PENN Entertainment (NASDAQ:PENN)
Historical Stock Chart
From Aug 2023 to Aug 2024