Drive Shack Inc. Announces Proposed Public Offering of Common Stock
January 28 2021 - 5:12PM
Business Wire
Drive Shack Inc. (NYSE: DS, the “Company”), a leading owner and
operator of golf-related leisure and entertainment businesses,
announced today the launch of an underwritten public offering of
$50,000,000 of shares of common stock, subject to market
conditions. All shares of common stock are being offered by the
Company. The underwriters have agreed to purchase all of the shares
offered and the Company intends to grant the underwriters an option
for a period of 30 days to purchase up to an additional 15% of the
number of shares of common stock sold in the offering. There can be
no assurance as to whether or when the offering may be completed,
or as to the actual size or terms of the offering.
The Company intends to use the net proceeds from this offering
for investments and general corporate purposes, including for
working capital and the planned development of five of seven
Puttery venues in 2021.
BTIG, LLC is acting as lead book-running manager and
Craig-Hallum Capital Group LLC is acting as joint book-running
manager for the offering.
The offering will be made pursuant to the Company’s effective
shelf registration statement on Form S-3 (333-251671) filed with
the Securities and Exchange Commission (the “SEC”). The offering
will be made only by means of a prospectus and a related prospectus
supplement. Prospective investors should read the prospectus
supplement and the prospectus in that registration statement and
other documents the Company has filed or will file with the SEC for
more complete information about the Company and the offering. You
may obtain these documents for free by visiting EDGAR on the SEC’s
website at www.sec.gov. Alternatively, copies of the prospectus
supplement and the prospectus may be obtained from BTIG, LLC, 65
East 55th Street, New York, NY 10022, or by e-mail at
equitycapitalmarkets@btig.com.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy shares of common stock, nor shall
there be any sale of these securities in any jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction.
About Drive Shack
Drive Shack Inc. is a leading owner and operator of golf-related
leisure and entertainment businesses.
Forward-Looking Statements
Certain statements in this press release may constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including, but not
limited to, statements relating to the offering and the intended
use of proceeds of the offering. These statements are based on
management’s current expectations and beliefs and are subject to a
number of trends and uncertainties that could cause actual results
to differ materially from those described in the forward-looking
statements, many of which are beyond our control. The Company can
give no assurance that its expectations will be attained.
Accordingly, you should not place undue reliance on any
forward-looking statements contained in this press release.
For a discussion of some of the risks and important factors that
could affect such forward-looking statements, see the sections
entitled “Risk Factors” in the prospectus supplement and the
prospectus related to the offering and in the Company’s most recent
Annual Report on Form 10-K and Quarterly Report on Form 10-Q, as
well as the sections entitled “Management’s Discussion and Analysis
of Financial Condition and Results of Operations” incorporated by
reference in the prospectus supplement related to the offering from
the Company’s most recent Annual Report on Form 10-K and Quarterly
Report on Form 10-Q. In addition, new risks and uncertainties
emerge from time to time, and it is not possible for the Company to
predict or assess the impact of every factor that may cause its
actual results to differ from those contained in any
forward-looking statements. Such forward-looking statements speak
only as of the date of this press release. The Company expressly
disclaims any obligation to release publicly any updates or
revisions to any forward-looking statements contained herein to
reflect any change in the Company’s expectations with regard
thereto or change in events, conditions or circumstances on which
any statement is based.
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version on businesswire.com: https://www.businesswire.com/news/home/20210128006131/en/
Kelley Buchhorn Drive Shack Inc, Head of Investor Relations
646-585-5591 ir@driveshack.com
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