Online gambling platform DraftKings is going public in an unusual way. DraftKings is merging with SPAC (special purpose acquisition company) Diamond Eagle Acquisition (DEAC), as well as B2B tech provider SBTech, in a deal that should close in the first half of 2020.
The early reaction from the market has been positive: DEAC gained 6.6% in trading Monday on reasonably heavy volume (about 25% of its shares outstanding). Shares now trade at an 8%+ premium to the $10 redemption price. And this is an intriguing opportunity. DraftKings made its name as a daily