DraftKings Sets Its New Stock Offering at $1.7 Billion

DraftKings (NASDAQ: DKNG) is getting a much-needed capital infusion. On Wednesday, the online sports betting specialist revealed the pricing of its latest stock offering as it raises money to support the young business.

DraftKings' offering prices 32 million shares at $52 each, which works out to just under $1.7 billion of total capital. A significant portion of that haul will go to other stockholders, though, who are capitalizing on the stock's sharp 2020 rally.

The company stands to collect proceeds from about half of the offering -- minus fees. Executives said the net proceeds will go toward general corporate purposes, which could mean anything from payrolls to acquisitions.

Source Fool.com