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DraftKings Plans Public Listing Via Reverse Merger

DraftKings, a fantasy sports and mobile sports betting platform, this morning announced plans to list on the public market through a reverse merger with a publicly traded shell company.

Boston-based DraftKings also said it is raising $304 million from a group of institutional investors and acquiring SBTech, a provider of sports betting and gaming technologies.

The combined company, according to DraftKings, will become the only vertically integrated pure-play sports betting and online gaming company based in the United States.

It also will (upon closing of the deal) have a market cap of about $3.3 billion and over $500 million of unrestricted cash on the balance sheet, according to the company.

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