{"id":1377,"date":"2024-11-15T01:41:24","date_gmt":"2024-11-15T02:41:24","guid":{"rendered":"http:\/\/buckinghamshire-removals.co.uk\/?p=1377"},"modified":"2024-11-21T14:17:31","modified_gmt":"2024-11-21T14:17:31","slug":"draftkings-spac-boss-dumps-250k-shares","status":"publish","type":"post","link":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/2024\/11\/15\/draftkings-spac-boss-dumps-250k-shares\/","title":{"rendered":"DraftKings SPAC Boss Dumps 250K Shares"},"content":{"rendered":"

Harry Sloan, one of the founders of the blank-check company that brought DraftKings (NASDAQ: DKNG) public, sold 250K shares of the gaming company.<\/p>\n

\"DraftKings
DraftKings Vice Chairman Harry Sloan. A new filing with the SEC indicates he sold 250K shares on Tuesday. (Image: Bloomberg<\/em>)<\/figcaption><\/figure>\n

That sale occurred on Tuesday, according to a Form 4 filed with the Securities and Exchange Commission (SEC) late Thursday. Following that divestment, Sloan owns 316,322 shares of the online sportsbook operator, according to the regulatory document.<\/p>\n

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The filing doesn\u2019t indicate the average price at which Sloan\u2019s sale occurred, but based on DraftKings\u2019 November 12 closing price of $41.71, 250K shares were worth $10.42 million at that time. Sloan was awarded 352 restricted stock units on November 7.<\/p>\n<\/div>\n

Formerly Chairman and CEO of entertainment giant Metro-Goldwyn-Mayer, Sloan was involved with Diamond Eagle Acquisition Corp., the blank-check company<\/a> DraftKings executed a reverse merger with to become a publicly traded firm in 2020. He\u2019s currently vice chairman of the gaming company\u2019s board.<\/p>\n

Not the First Time Sloan\u2019s Been a DraftKings Seller<\/h2>\n

In fairness to Sloan, there have been occasions on which he\u2019s been a buyer of DraftKings equity<\/a>, but there are also other examples of him being a seller.<\/p>\n

\n

A June Form 144 with the SEC indicates that on the 14th<\/sup> of that month, Sloan sold 250K shares of DraftKings, grossing $9.53 million in proceeds. In early March, he disposed of 43K granted shares, according to another regulatory filing. That followed a sale of 254,354 shares on February 16, according to a Form 4 filing.<\/p>\n<\/div>\n

On that date, Sloan owned 1.1 million shares of DraftKings, indicating he\u2019s pared that stake dramatically this year.<\/p>\n

As DraftKings investors know, that\u2019s not necessarily surprising as the stock has experienced a wave of insider selling — one often led by co-founders Matthew Kalish, Paul Liberman, and Jason Robins. That trio and other insiders<\/a> rarely buy the shares, but the operator did unveil a $1 billion share repurchase plan earlier this year.<\/p>\n

Sloan Known in Gaming SPAC Circles<\/h2>\n

Sloan has long been active in the special purpose acquisition company (SPAC) space.<\/p>\n

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Since 2011, Mr. Sloan has co-founded seven special purpose acquisition companies with his partners, including Jeff Sagansky and Eli Baker, raising aggregate gross proceeds of over $5 billion,\u201d according to DraftKings.<\/p>\n<\/blockquote>\n

In addition to DraftKings, Sloan and his partners also founded Flying Eagle Acquisition Corp., the blank-check company that executed a reverse merger with mobile gaming and esports provider Skillz (NYSE: SKLZ) in 2020, paving the way for that company to go public.<\/p>\n

While DraftKings has been one of the better-performing de-SPAC-ed stocks in recent memory, the opposite is true of Skillz. That stock has been a value destroyer over the past several years and is down 18.11% year to date.<\/p>\n

The post DraftKings SPAC Boss Dumps 250K Shares<\/a> appeared first on Casino.org<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Harry Sloan, one of the founders of the blank-check company that brought DraftKings (NASDAQ: DKNG) public, sold 250K shares of the gaming company. DraftKings Vice Chairman Harry Sloan. A new filing with the SEC indicates he sold 250K shares on Tuesday. (Image: Bloomberg) That sale […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[10],"tags":[],"_links":{"self":[{"href":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/1377"}],"collection":[{"href":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/wp-json\/wp\/v2\/comments?post=1377"}],"version-history":[{"count":1,"href":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/1377\/revisions"}],"predecessor-version":[{"id":1378,"href":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/1377\/revisions\/1378"}],"wp:attachment":[{"href":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/wp-json\/wp\/v2\/media?parent=1377"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/wp-json\/wp\/v2\/categories?post=1377"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/wp-json\/wp\/v2\/tags?post=1377"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}