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DraftKings | 8-K: Draftkings Inc. Today Announced Its Fourth Quarter and Fiscal Year 2023 Financial Results

SEC announcement ·  Feb 16 05:33
Summary by Futu AI
DraftKings Inc., a Nevada corporation, has entered into a definitive agreement to acquire JackPocket Inc. for $750 million, with the transaction approved by both companies' boards. The deal, structured as a two-step merger, will initially see JackPocket become a wholly-owned subsidiary of DraftKings Holdings Inc., followed by a subsequent merger resulting in JackPocket LLC. The purchase price includes approximately $412.5 million in cash and $337.5 million in DraftKings Class A common stock. The stock consideration is subject to a collar mechanism based on DraftKings' share price. A portion of the cash consideration will be held in escrow to secure obligations post-closing. Additionally, DraftKings released its financial results for Q4 and the full year of 2023, reporting a Q4 revenue of $1,231 million, a 44% increase from the previous year, and raising its 2024 revenue guidance midpoint to $4.775 billion. The company also expects 2024 to be its first full year of positive Adjusted EBITDA. DraftKings' Sportsbook is live in 24 states, and iGaming is available in 5 states, with plans to launch in North Carolina on March 11, 2024.
DraftKings Inc., a Nevada corporation, has entered into a definitive agreement to acquire JackPocket Inc. for $750 million, with the transaction approved by both companies' boards. The deal, structured as a two-step merger, will initially see JackPocket become a wholly-owned subsidiary of DraftKings Holdings Inc., followed by a subsequent merger resulting in JackPocket LLC. The purchase price includes approximately $412.5 million in cash and $337.5 million in DraftKings Class A common stock. The stock consideration is subject to a collar mechanism based on DraftKings' share price. A portion of the cash consideration will be held in escrow to secure obligations post-closing. Additionally, DraftKings released its financial results for Q4 and the full year of 2023, reporting a Q4 revenue of $1,231 million, a 44% increase from the previous year, and raising its 2024 revenue guidance midpoint to $4.775 billion. The company also expects 2024 to be its first full year of positive Adjusted EBITDA. DraftKings' Sportsbook is live in 24 states, and iGaming is available in 5 states, with plans to launch in North Carolina on March 11, 2024.
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This announcement is a separate document:

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