SPACInsider Logo
Diamond Eagle (DEAC) Releases Shareholder Vote Results
by Kristi Marvin on 2020-04-23 at 12:14am

Diamond Eagle Acquisition Corp. (DEAC), just released an 8-K detailing the results of their shareholder vote to combine with DraftKings and SBTech, and naturally, this combination was overwhelmingly approved. However, even though DEAC has been trading in the $17.00 range, there were still a few redemptions.

FORAGAINSTABSTENTIONSBROKER NON-VOTE
33,364,47112,367107,8570

Per the filing, 8,928 shares exercised their right to redeem for cash at a redemption price of approximately $10.1245397 per share, for an aggregate amount of $90,391.89.  Although, if those redeemed shares were sold into the market at an average price of $17.00 instead, holders could have made approximately $61,000 more than $90K they got by redeeming.  Nobody likes leaving money on the table, so it sort of implies those redemptions were a mistake.

Regardless, no matter how you slice it, this is great result.  And even more noteworthy given the current economic climate.  I wonder if the team made any “bets” on that result…


ADVISORS

  • Goldman Sachs is acting as exclusive financial advisor to Diamond Eagle.
  • Raine Group is acting as exclusive financial advisor to DraftKings.
  • Sullivan & Cromwell LLP is acting as legal advisor to DraftKings.
  • Winston & Strawn LLP is acting as legal advisor to Diamond Eagle.
  • Stifel is acting as financial advisor and Herzog, Fox & Neeman and Skadden, Arps, Slate, Meagher & Flom LLP are acting as legal advisors to SBTech.
  • Deutsche Bank Securities Inc. and Goldman Sachs & Co. LLC are acting as capital markets advisors.
  • Goldman Sachs and Credit Suisse are acting as private placement agents to Diamond Eagle.

 

Recent Posts
by Marlena Haddad on 2022-12-02 at 4:38pm

Lakeshore Acquisition I Corp. (NASDAQ:LAAA) disclosed this afternoon that its shareholders have approved its business combination with medical device company ProSomnus during a special meeting held earlier today. Approximately 92.4% of the votes cast at the meeting on the business combination proposal, representing approximately 80.5% of Lakeshore’s outstanding shares, voted to approve the deal. The SPAC disclosed...

by Marlena Haddad on 2022-12-02 at 11:38am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: Embark director Elaine Chao and others sued over SPAC merger, Alvotech switches CEO and takes COO from Teva, and Uber Freight and Aurora expand pilot  Embark Director Elaine Chao, Others Sued Over SPAC...

by Nicholas Alan Clayton on 2022-12-02 at 7:51am

SPACInsider contributors Anthony Sozzi and Sam Beattie this week compiled their three favorite potential SPAC targets among potential targets in the security industry. We look at why they are compelling and why each could be a fit for a blank-check merger. Security is on the market’s mind and is expected to grow at a CAGR...

by Marlena Haddad on 2022-12-01 at 5:55pm

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC Liquidations: Atlas Crest Investment II and One Equity Partners Open Water I Atlas Crest Investment Corp. II to Liquidate Trust Atlas Crest II’s (NYSE:ACII) board and shareholders have agreed to establish today, December 1, 2022,...

by Marlena Haddad on 2022-12-01 at 5:45pm

Altimeter Growth Corp. 2 (NYSE: AGCB) announced this afternoon that it has decided to liquidate its trust due to its inability to complete a business combination. As part of the liquidation, the company now plans on redeeming all of the outstanding shares of Class A common stock that were included in its IPO at a per-share redemption price...

Privacy Policy|Terms Of Use
Copyright © 2022 SPACInsider, Inc. All Rights Reserved