DraftKings Inc. and some early investors, including New England Patriots owner Robert Kraft, are taking advantage of the stock’s 264 percent surge from an April debut to sell a combined 32 million shares.
The offering, underwritten by Credit Suisse Securities LLC and Goldman Sachs Group, will include 16 million shares sold by DraftKings while the other half are being offered by some investors, the online gaming company said in a statement. Boston-based DraftKings said its proceeds from the offering will be used for general corporate purposes.
DraftKings shares closed at a record high $63.78 on Friday, up more than 260 percent since April and 56 percent above the price when 40 million shares were offered at $40 each in June. The stock fell 5.1 percent Monday to close at $60.55 after news of the latest planned share sales.
Shalom Meckenzie, a billionaire Israeli executive who merged his company with DraftKings