Why DraftKings Stock Dropped Today

Shares of DraftKings (NASDAQ: DKNG) fell 6.1% on Wednesday after the sports betting company announced the pricing of its public offering.  

A total of 32 million DraftKings shares will be sold, with the company selling 16 million and shareholders selling the rest. The offering is priced at $52 per share and is expected to raise more than $1.6 billion. Underwriters also have the option to purchase as many as 4.8 million additional shares in the next 30 days.

DraftKings' stock fell after pricing its share sale. Image source: Getty Images.

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Source Fool.com