With its stock trading at 52-week high, and up 496% year-to-date, DraftKings (DKNG) has cashed out at the top. On Monday, the sports-betting provider announced it is selling 32 million DKNG shares to raise capital. The company expects to raise over $1.6 billion from the sale with 16 million being sold by DraftKings and the rest by existing shareholders. At $52 per share, the company is offering the stock for a price 14% below what its shares cost prior to the offering announcement. The result will be a windfall of an estimated $830 million, which DraftKings will use for general …read more
Source:: Yahoo Finance
