Existing DraftKings Shareholders to Sell Nearly $1B in Stock
Sports-betting company DraftKings (NASDAQ: DKNG) is now selling 40 million shares in an upcoming public offering. Previously it proposed 33 million shares, but strong demand led it to upsize the offering. The new offering is priced at $40 per share -- slightly less than where the stock traded at the time of the announcement.
Some analysts think highly of the move, as it will add cash to DraftKings' balance sheet. But it won't add as much cash as you might think. Here's why.
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Source Fool.com
