LOS ANGELES–(BUSINESS WIRE)–Diamond Eagle Acquisition Corp. (Nasdaq: DEACU), the fifth public
acquisition vehicle led by media executive Jeff Sagansky and founding
investor Harry Sloan, today announced the pricing of a $400 million
initial public offering. Each unit issued in the initial public offering
consists of one share of Class A common stock and one-third of one
warrant to purchase one share of Class A common stock at an exercise
price of $11.50 per whole share. The units will be listed on The Nasdaq
Capital Market and trade under the ticker symbol “DEACU.” Once the
securities comprising the units begin separate trading, the shares of
Class A common stock and warrants are expected to be listed on The
Nasdaq Capital Market under the symbols “DEAC” and “DEACW,” respectively.
Diamond Eagle Acquisition Corp. was formed for the purpose of effecting
a merger, capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination with one or more
businesses. Diamond Eagle’s efforts to identify a prospective initial
business combination target will not be limited to a particular
industry, sector or geographic region. While Diamond Eagle may pursue an
initial business combination opportunity in any industry or sector, it
intends to capitalize on the ability of its management team to identify,
acquire and operate a business or businesses that can benefit from its
management team’s established global relationships and operating
experience. Diamond Eagle’s management team has extensive experience in
identifying and executing strategic investments globally and has done so
successfully in a number of sectors, including media and entertainment.
Diamond Eagle’s sponsor is Eagle Equity Partners, LLC, of which Mr.
Sagansky is a Member. Joining him in the management of the company is
President, Chief Financial Officer and Secretary, Eli Baker, who served
as President, Chief Financial Officer and Secretary of one of Mr.
Sagansky’s prior public acquisition vehicles, Vice President, General
Counsel and Secretary of another of Mr. Sagansky’s prior public
acquisition vehicles and as a director of another of Mr. Sagansky’s
prior public acquisition vehicles. Harry E. Sloan, who co-led four prior
public acquisition vehicles with Mr. Sagansky, is a founding investor in
Diamond Eagle alongside the sponsor. Diamond Eagle’s sponsor and Mr.
Sloan have severally committed, pursuant to a written agreement, to
purchase an aggregate of 5,666,667 private placement warrants (or
6,366,667 private placement warrants, if the over-allotment option is
exercised in full), each exercisable to purchase one share of Class A
common stock at $11.50 per share, at a price of $1.50 per warrant, or
$8,500,000 in the aggregate (or $9,550,000, if the over-allotment option
is exercised in full), in a private placement that will occur
simultaneously with the closing of this offering. Deutsche Bank
Securities Inc. and Goldman Sachs & Co. LLC are acting as the
representatives of the underwriters for the offering and Northland
Capital Markets served as a manager.
The offering is being made only by means of a prospectus. When
available, copies of the prospectus may be obtained from Deutsche Bank
Securities, 60 Wall Street, New York, NY 10005, Attn: Prospectus Group,
telephone: 800-503-4611, or by emailing prospectus.CPDG@db.com;
or from Goldman Sachs & Co. LLC, 200 West Street, New York, NY 10282,
Attn: Prospectus Department, by telephone at 866-471-2526 or by emailing Prospectusfirstname.lastname@example.org.
A registration statement relating to these securities has been declared
effective by the Securities and Exchange Commission on May 10, 2019.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
securities in any State or jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such State or
This press release contains statements that constitute “forward-looking
statements,” including with respect to the closing of the initial public
offering and the anticipated use of the net proceeds. No assurance can
be given that the offering discussed above will be completed on the
terms described, or at all, or that the net proceeds of the offering
will be used as indicated. Forward-looking statements are subject to
numerous conditions, many of which are beyond the control of Diamond
Eagle, including those set forth in the Risk Factors section of the
Company’s registration statement and preliminary prospectus for Diamond
Eagle’s offering filed with the Securities and Exchange Commission
(“SEC”). Copies are available on the SEC’s website, www.sec.gov.
Diamond Eagle undertakes no obligation to update these statements for
revisions or changes after the date of this release, except as required
t. (818) 661-6368