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DMYT.U - DMY Technology Inc News Story

$26.18 -2.6  -8.9%

Sector
Consumer Cyclicals
Size
Market Cap £n/a
Enterprise Value £n/a
Revenue £n/a
Position in Universe th / 6848

BRIEF-Rush Street Interactive And dMY Technology Group To Combine To Create A Growing Publicly Traded Online Gaming Company

Mon 27th July, 2020 11:51am
July 27 (Reuters) - dMY Technology Group Inc  DMYT.N :
    * PRESS RELEASE - RUSH STREET INTERACTIVE AND DMY TECHNOLOGY
GROUP
TO COMBINE TO CREATE A GROWING PUBLICLY TRADED ONLINE GAMING
COMPANY
    * DMY TECHNOLOGY GROUP INC -  COMBINED COMPANY ANTICIPATED
TO HAVE
INITIAL ENTERPRISE VALUE OF APPROXIMATELY $1.78 BILLION
    * DMY TECHNOLOGY GROUP - TRANSACTIONS INCLUDE A $160 MILLION
COMMITTED PIPE AT $10.00 PER SHARE LED BY FIDELITY MANAGEMENT
AND RESEARCH CO
    * DMY TECHNOLOGY GROUP INC - INTENDS TO CHANGE ITS NAME TO
RUSH
STREET INTERACTIVE, INC. AND ITS NYSE TRADING SYMBOL TO "RSI."
    * DMY TECHNOLOGY GROUP INC - RSI PROJECTS APPROXIMATELY $320
MILLION IN REVENUE FOR 2021 FISCAL YEAR
    * DMY TECHNOLOGY GROUP - RSI'S MAJORITY SHAREHOLDERS, NEIL
BLUHM &
GREG CARLIN, WILL RETAIN ABOUT 93% OF THEIR EXISTING EQUITY
HOLDINGS IN COMBINED CO
    * DMY TECHNOLOGY GROUP INC - FOLLOWING CLOSING OF
TRANSACTION,
NEIL BLUHM WILL CONTINUE TO SERVE AS CHAIRMAN OF BOARD
    * DMY TECHNOLOGY GROUP INC - AS A RESULT OF TRANSACTION, RSI
WILL
BECOME A PUBLICLY LISTED COMPANY ON NEW YORK STOCK EXCHANGE
    * DMY TECHNOLOGY GROUP INC - FOLLOWING CLOSING, GREG CARLIN
WILL
CONTINUE TO SERVE AS CEO
    * DMY TECHNOLOGY GROUP INC -  FOLLOWING CLOSING, RICHARD
SCHWARTZ
WILL CONTINUE TO SERVE AS PRESIDENT OF COMBINED CO
    * DMY TECHNOLOGY GROUP INC - COMBINED CO'S BOARD OF
DIRECTORS WILL
INCLUDE DMY'S CHAIRMAN HARRY YOU AND CEO NICCOLO DE MASI
    * DMY TECHNOLOGY GROUP - TRANSACTION WILL BE STRUCTURED AS
AN UP-C
WHERE CURRENT EQUITYHOLDERS OF RSI TO RETAIN PORTION OF THEIR
EQUITY INTERESTS IN RSI
    * DMY TECHNOLOGY - DEAL VALUES COMBINED CO AT ANTICIPATED
INITIAL
ENTERPRISE VALUE OF ABOUT $1.78 BILLION, OR 5.6X RSI'S PROJECTED
2021 REVENUE OF $320 MILLION
    * DMY TECHNOLOGY GROUP INC - CONSIDERATION PAYABLE TO RSI
SHAREHOLDERS WILL CONSIST OF A COMBINATION OF CASH AND ROLLOVER
EQUITY IN DMY
    * DMY TECHNOLOGY GROUP - CURRENT EQUITYHOLDERS OF RSI WILL
RECEIVE
AN EQUAL NUMBER OF NON-ECONOMIC VOTING SHARES IN COMBINED CO
    * DMY TECHNOLOGY GROUP INC - BOARDS OF DIRECTORS OF BOTH DMY
AND
RSI HAVE EACH UNANIMOUSLY APPROVED TRANSACTION
    * DMY TECHNOLOGY GROUP - TERMS OF TRANSACTION REQUIRE DMY TO
HAVE
A MINIMUM OF $160 MILLION IN CASH IMMEDIATELY PRIOR TO CLOSING

Source text for Eikon:  ID:nBwbLk3Ffa 
Further company coverage:  DMYT.N 

 ((Reuters.Briefs@thomsonreuters.com;))
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