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In late 2019, Boston, Massachusetts-based DraftKings publicly announced their intentions to become a publicly-traded company. The online gambling and gaming firm had experienced several years of growth and, following a Supreme Court ruling that lifted a previous ban on sports betting, had its eyes on capitalizing its good fortune. Rather than raising capital through an initial public offering (IPO), the company opted to enter into a deal with Diamond Eagle Acquisition Corp., a shell company that existed solely for the purpose of acquisition. This type of company, commonly known as a special-purpose acquisition company (SPAC) allows private firms to become publicly traded and listed on stock exchanges without the time, capital, and regulatory expenditures required in a traditional IPO.
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Betting on âblank checkâ companies
Thimble Point joins growing ranks of so-called SPACs that go public despite owning nothing
By Scott Kirsner Globe Correspondent,Updated February 18, 2021, 3:38 p.m.
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The Nasdaq exchange has a presence in New York s Times Square via its digital billboard.HIROKO MASUIKE/New York Times
These are strange days for the stock market. You can take a company public without actually having a business, customers, or revenue. And if youâre Woody Benson, you can do it from the master bathroom of your home in Bonita Bay, Fla., showing slides over Zoom to prospective investors.
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