Stock quotes by finanzen.net. It has a $13.1 billion market cap and an EV of $11.66 billion since it has $1.2 billion in net cash. The company was founded in 2015 and is based in Houston, Texas.
This is a stock that’s more than tripled since its late April public debut following a reverse merger with a blank check firm. It has applied for online gaming approval in Pennsylvania and Michigan as well. That is when the stock symbol changed to DKNG.
Consider this: In the June quarter in New Jersey, every land-based gaming venue in Atlantic City lost money because those venues weren’t operational. It showed that there were some last-minute negotiations with the sponsor and Golden Nugget’s owner, Tilman J. Fertitta. This move is leading to some concerns about how the internet casino outfit will perform when it hits public markets. In the date of publication, Mark R. Hake did not have (either directly or indirectly) any positions in any of the securities mentioned in this article. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. Moreover, there will be more shares outstanding after the merger, so the pro forma market capitalization will be higher. The SPAC also will assume $150 million in GNOG debt. Nevertheless, it probably doesn’t help LCA stock that DraftKings recently decided to sell more shares. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved.
The company made net income of over $11 million in 2019. Article printed from InvestorPlace Media, https://investorplace.com/2020/10/lca-stock-should-rise-after-merger-with-golden-nugget-online-gaming/.
Copyright © Spartan Energy Acquisition (NYSE: SPAQ ), which is merging with EV company Fisker, is down 7% to $13.09. That would occur only if he or his interests end up having less than a 30% economic stake in the company. This page includes all SEC registration details as well as a list of all documents (S-1, Prospectus, Current Reports, 8-K, 10K, Annual Reports) filed by Landcadia Holdings II, Inc.. Landcadia Holdings II Inc is a blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.
That transaction, which could be completed sometime this quarter, values the online gaming company at $745 million on a pro forma enterprise value basis. I will provide examples of this in-the-money leverage effect with each of these SPAC stocks below. On Sept. 22, the company made an interesting 8-K filing with the SEC. GNOG launched in 2013 and became profitable in 2016. Landcadia wanted to negotiate one further change before that happens. Therefore, the warrants can be exercised profitably and they have real intrinsic value. Data confirm that the novel coronavirus pandemic was a boon for companies with online exposure. 7 Monthly Dividend Stocks to Buy Now for Safe Payouts, 7 Sin Stocks to Buy Now as America Reopens, 10 Buyout Stocks With Long-Term Potential, agreed to merge with an EV battery maker, QuantumScape, 7 Upcoming IPOs for the Second Half of 2020, Why Everyone Is Investing in 5G All WRONG, America’s #1 Stock Picker Reveals His Next 1,000% Winner, Revolutionary Tech Behind 5G Rollout Is Being Pioneered By This 1 Company, Radical New Battery Could Dismantle Oil Markets.
That is, I would expect LCA stock will rise to at least $31 per share once the merger goes through. This was done even though it is still a private company and has not yet merged with Landcadia Holdings. Investors can expect right after the merger closes major brokerages will likely publish their forecasts for GNOG stock. quotes delayed at least 15 minutes, all others at least 20 minutes. The trigger for the call feature is this: once the warrant trades for 20 trading days at an average price of $18 or higher within a 30 day period, the company (SPAC) can buy back the warrant (in 30 days) for 1 cent per warrant.
The Lutheran Church in America (LCA) had been created in 1962, by a merger among the United Lutheran Church in America (created in 1918 by an earlier merger of three German Lutheran synods in the eastern U.
That is almost certainly a bullish catalyst for investors in LCA stock prior to the merger. Some of those shares in this secondary offering are from existing shareholders. Golden Nugget Online Gaming, Inc. ("GNOG" or the "Company") reported selected financial results for the third quarter of 2020. 1125 N. Charles St, Baltimore, MD 21201.
In the online gaming and sports betting spaces, New Jersey is the big Kahuna. Landcadia Holdings (NASDAQ: LCA) signed a merger agreement with Golden Nugget Online Gaming on June 29. The only casino in the state to turn a profit in the second quarter? All rights reserved. In large part, investors’ enthusiasm for gaming/SPAC relationships stems from DraftKings (NASDAQ:DKNG). Commerce Policy | But current owners of LCA stock or those waiting for it turn to GNOG shouldn’t be rushing to make comparisons with other blank check transactions.
Things should look much better for LCA stock (i.e., GNOG stock) after the merger. All rights reserved. Landcadia Holdings II Inc Registered Shs -A- Stock , LCA. Landcadia Holdings (NASDAQ:LCA) signed a merger agreement with Golden Nugget Online Gaming on June 29. Golden Nugget Online Gaming just revealed its second-quarter earnings on Aug. 18. The famous, must-try sandwich in each state. This could have a dampening effect on GNOG stock’s prospects after the merger closes.
Copyright © 2020 InvestorPlace Media, LLC. Estimated sales for 2021 are $748 million. For example, Golden Nugget Online might expect that it will experience an uplift in its stock price after the merger, just like DraftKings (NASDAQ:DKNG).
Disclaimer | Although LCA stock has already moved up from its $10 IPO price to $15.29 as of Friday, Aug. 28, the stock could easily double after the reverse merger. But don’t give up hope just yet.
The typical strategy for companies like GNOG is to seek licenses in each state that approves iGaming. What’s important right now with Golden Nugget Online is where iGaming is legal, the company’s ability to gain share in those markets and the political outlook for further legalization of online casinos.
But once its reverse merger closed, the newly named stock essentially doubled from the period when it was announced.
It intends to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. There several other companies in the que that could come public after GNOG. For one, GNOG will receive $150 million in debt paydown and have at least $80 million in cash to work with. But more importantly, these SPAC stocks warrants offer more leverage to the investor in the underlying SPAC stocks.
Nasdaq The warrant holders have a 30-day window to act. Second, although the exercise prices are good for five years, each of these SPAC warrants has a redeemable feature that solely benefits the SPAC itself, not the investor. It protects the GNOG shareholders from a scenario where Fertitta sells down his stake and yet can still control the board. It also implies that Landcadia believes LCA stock will shoot up after the merger. This is 6.1 times its expected 2021 revenue of $122 million.
And while that’s a plus for operators that already have exposure to the state, it also means these companies need to expand elsewhere. Landcadia Holdings II Inc is a blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.