A number one ticketing market has added a giant investor on its path to turning into public.
What Occurred: Vivid Seats, which goes public with Horizon Acquisition Corp (NYSE: HZAC), introduced that DraftKings Inc (NASDAQ: DKNG) is investing within the firm.
The funding comes as a part of the PIPE as the corporate completes its SPAC merger vote that was set for Oct. 14.
DraftKings will make investments as a part of the assumed portion of Eldridge Industries, an affiliate of Horizon’s sponsor. DraftKings will maintain an choice to promote the shares again on the one-year anniversary at $9.77 every.
“Like DraftKings, Vivid Seats is a technology-driven firm aligned very carefully with our customer-centric enterprise mannequin,” mentioned DraftKings CEO Jason Robins.
Why It’s Necessary: DraftKings is a pacesetter in day by day fantasy sports activities and on-line sports activities betting. The corporate ended the second quarter with 1.1 million month-to-month distinctive paying customers.
Todd Boehly is an element proprietor of the Los Angeles Dodgers and Los Angeles Lakers. Boehly is behind the SPAC and likewise an investor in DraftKings.
“As an investor in each DraftKings and Vivid Seats, we’re excited in regards to the strategic advantages that each corporations can derive from working with each other,” Boehly mentioned.
The funding from DraftKings comes as Vivid Seats rival SeatGeek introduced a SPAC merger with RedBall Acquisition Corp (NYSE: RBAC).
Worth Motion: HZAC shares closed Thursday up 9% to $11.28. Shares hit a brand new 52-week excessive of $11.78 earlier within the day.
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