{
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  "docSlug": "f73d76b752c8e6f9912dcf407306e191",
  "documentTitle": "DraftKings | SPAC Presentation Deck | 26 slides",
  "authorId": "draftkings",
  "authorName": "DraftKings",
  "documentKindSlug": "pitchdeck",
  "documentKindLabel": "Pitch deck",
  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2019-12-01 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 21,
  "pageCount": 26,
  "prevPage": 20,
  "nextPage": 22,
  "slideType": "other",
  "function": "summarize",
  "density": "overcrowded",
  "nDataPoints": 14,
  "notes": "The slide outlines a SPAC merger transaction structure.",
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  "slideHref": "/slides/019de06f-e81b-7328-8dd9-81ff6c6f43c1/21",
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  "deckAnchorHref": "/decks/019de06f-e81b-7328-8dd9-81ff6c6f43c1#slide-21",
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        "h": 0.25,
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      "kind": "chart",
      "text": "Illustrative Pro Forma Ownership at Close pie chart",
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        "h": 0.15,
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      "kind": "image",
      "text": "DraftKings and SBTech logos",
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      "kind": "list",
      "text": "Diamond Eagle Acquisition Corp. is a publicly listed special purpose acquisition vehicle with over $400 million in cash. DEAC has agreed to combine with DraftKings and SBTech. Values the combined DK and SBT at $2.7 billion. Represents an attractive entry multiple of 3.9x 2021E revenue; projected annual revenue growth of 30%+ as states legalize and launch sports betting and iGaming. DK founders and shareholders are rolling 100% of their shares; SBT shareholders are rolling ~$450 million of equity value into the public company. Post-closing, company will have dual class shareholder structure with super voting rights for co-founder and CEO Jason Robins at a ratio of 10:1; dual class sunsets at certain defined triggers. Concurrent with this transaction, DK and DEAC have raised $380 million in committed PIPE shares from select investors at closing. After giving effect to the transaction (assuming no redemptions), the company will have over $500 million of unrestricted cash with public equity currency to ensure sufficient capital to fuel growth",
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      "kind": "source-note",
      "text": "Note: DraftKings may increase the PIPE size between transaction announcement and close. (1) Includes ~$76 million in DK convertible notes that convert to PIPE shares. (2) Figures may not foot due to rounding. Assumes no redemptions from DEAC's trust account. (3) Represents SBT cash consideration converted to USD at 1.098 USD/EUR. (4) Represents total seller equity value including value of outstanding vested options. (5) Excludes DEAC warrants and earnout shares.",
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      "kind": "table",
      "text": "Illustrative Sources and Uses table showing $3.519 billion total",
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      "kind": "title",
      "text": "5 PROPOSED TRANSACTION SUMMARY",
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      "name": "Cost Of Inaction",
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      "matchId": "05ceff81-8544-4691-90dc-0400f2fc3d88",
      "evidence": "Slide 21 presents a proposed transaction summary, implying the cost of inaction",
      "position": 1,
      "objective": "What are the implications of not investing in DraftKings?",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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