DraftKings Sinks on Share Sale and Virus Wreaking NFL Havoc

(Bloomberg) — The pricing of a DraftKings Inc. share sale combined with a fresh wave of Covid-19 infections across the National Football League sent shares of the online gaming company tumbling Wednesday morning.

The $1.67 billion sale from DraftKings and some early investors was priced at $52 a share, an 8.4% discount to Tuesday’s close and 18% lower than Friday’s record. The initial selloff for Boston-based DraftKings accelerated after players from the New England Patriots, Tennessee Titans, and Las Vegas Raiders tested positive for Covid-19, according to social media posts.

DraftKings shares fell as much as 8.1% at 10:09 a.m. in New York, sending the stock toward its worst three-day decline since its reverse merger in April. Meanwhile, Barstool Sports Inc.-minority owner Penn National Gaming Inc. shook off an initial dip to rise 0.9%.



chart: DraftKings is erasing recent gains after share offering, NFL Covid-19 cases


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DraftKings is erasing recent gains after share offering, NFL Covid-19 cases

The offering of

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