Why DraftKings Stock Jumped 10.4% on Friday
Shares of DraftKings (NASDAQ:DKNG) jumped as much as 18.4% in trading Friday after a reverse merger with Diamond Eagle Acquisition. In fact, it was Diamond Eagle's stock that became DraftKings today once the deal closed. Shares held gains throughout the day and were up 10.4% at the close.
This wasn't a traditional IPO, but it was a way for DraftKings to reach the public markets. The company merged with Diamond Eagle Acquisition and added the acquisition company's $400 million to its balance sheet.
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Source Fool.com
