DraftKings is selling 32 million shares in a syndicated deal

(MarketWatch) – Fantasy sports and sports betting operator DraftKings Inc. DKNG, +3.15% said Monday it is offer 32 million shares in a syndicated deal, joining the many companies raising equity and debt at record levels during the coronavirus pandemic.

The offering consists of 16 million shares that are being offered by DraftKings and 16 million being offered by certain selling shareholders.

The company will not receive any proceeds from the latter. Proceeds from its own offering will be used for general corporate purposes. Credit Suisse and Global Sachs are underwriting the deal.

Shares slid 4.6% premarket on the news, but have gained 496% in the year to date, while the S&P 500 SPX, -0.95% has gained 3.6%.

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