On Track to Complete Business Combination
With dMY Technology (NYSE: dMYT) During the Fourth Quarter of
2020
Rush Street Interactive, LP (“RSI” or the “Company”), one of the
fastest-growing online casino and sports betting gaming companies
in the United States, today announced preliminary financial results
for the third quarter ended September 30, 2020. The preliminary
results are subject to completion of the Company’s quarterly
financial reporting process and the preparation of the unaudited
financial statements for the quarter.
RSI currently expects revenue for the third quarter to be in the
range of $75 million to $77 million on a GAAP basis. Additionally,
RSI expects advertising and promotion costs for the three months
ended September 30, 2020 to be less than $20.0 million on a GAAP
basis. Advertising and promotion costs consist primarily of
marketing the product via different channels, promotional
activities, and the related costs incurred to acquire new customers
that include salaries and benefits for dedicated personnel and are
expensed as incurred.
Richard Schwartz, President of RSI, added: “Notably, RSI has
experienced industry-leading results as evident by our being #1 in
U.S. online casino revenue according to Eilers & Krejcik Gaming
and the #1 operator by revenue in Pennsylvania and Illinois, the
two largest population states that have legalized online gaming. In
fact, RSI accounted for 86% of statewide online sports betting
handle in Illinois in August 2020. Furthermore, we are achieving
these results with a disciplined approach to our customer
acquisition and marketing costs. We look forward to continuing to
innovate our offerings and to bringing more gaming enthusiasts onto
the BetRivers.com and PlaySugarHouse.com platforms in the months
ahead.”
On July 27, 2020, RSI entered into a business combination
agreement with dMY Technology Group, Inc. (NYSE: DMYT.U, DMYT and
DMYT WS). Upon the closing of the transaction, the combined company
intends to change its name to Rush Street Interactive, Inc. and
trade on the NYSE under the ticker symbol “RSI.”
Cautionary Statement Regarding Preliminary Results
The results for the three months ended September 30, 2020, are
preliminary, unaudited and subject to completion, reflect our
management’s current views and may change as a result of our
management’s review of our results and other factors, including
economic and competitive risks and uncertainties. Such preliminary
results for the three months ended September 30, 2020, are subject
to the finalization and closing of our accounting books and records
(which have yet to be performed), and should not be viewed as a
substitute for full quarterly financial statements prepared in
accordance with U.S. GAAP. We caution you that these preliminary
results for the three months ended September 30, 2020, are not
guarantees of future performance or outcomes and that actual
results may differ materially from those described above.
About Rush Street Interactive
Founded in 2012 by gaming industry veterans Neil Bluhm, Greg
Carlin and Richard Schwartz, RSI is a market leader in online
casino and sports betting in the U.S. The Company launched its
first online gaming casino site, PlaySugarHouse.com in New Jersey,
in September 2016 and was the first gaming company to launch a
regulated online gaming site in Pennsylvania. With its
BetRivers.com sites, Rush Street Interactive was also the first to
launch regulated online gaming in the states of Indiana, Colorado
and, most recently, Illinois. RSI has been an early mover in Latin
America and was the first U.S.-based gaming operator to launch a
legal and regulated online casino and sportsbook, RushBet.co, in
the country of Colombia. For more information, visit
www.rushstreetinteractive.com.
About dMY Technology Group
dMY Technology Group, Inc. is a $230 million special purpose
acquisition company founded by Niccolo de Masi and Harry You for
the purpose of effecting a merger, capital stock exchange, asset
acquisition, stock purchase, reorganization or similar business
combination with one or more businesses. dMY's initial public
offering was underwritten by Goldman Sachs & Co. and UBS
Investment Bank, and its common stock, units and warrants trade on
the NYSE under the ticker symbols DMYT, DMYT-UN and DMYT-WT,
respectively. More information can be found at
www.dmytechnology.com.
Forward-Looking Statements
This press release includes "forward-looking statements" within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. dMY's and RSI's actual
results may differ from their expectations, estimates and
projections and consequently, you should not rely on these
forward-looking statements as predictions of future events. Words
such as "expect," "estimate," "project," "budget," "forecast,"
"anticipate," "intend," "plan," "may," "will," "could," "should,"
"believes," "predicts," "potential," "continue," and similar
expressions are intended to identify such forward-looking
statements. These forward-looking statements include, without
limitation, dMY's and RSI's expectations with respect to future
performance and anticipated financial impacts of the proposed
business combination, the satisfaction of the closing conditions to
the proposed business combination and the timing of the completion
of the proposed business combination. These forward-looking
statements involve significant risks and uncertainties that could
cause the actual results to differ materially from the expected
results. Most of these factors are outside dMY's and RSI's control
and are difficult to predict. Factors that may cause such
differences include, but are not limited to: (1) the occurrence of
any event, change or other circumstances that could give rise to
the termination of the definitive business combination agreement
(the "Agreement"); (2) the outcome of any legal proceedings that
may be instituted against dMY and RSI following the announcement of
the Agreement and the transactions contemplated therein; (3) the
inability to complete the proposed business combination, including
due to failure to obtain approval of the stockholders of dMY,
certain regulatory approvals or satisfy other conditions to closing
in the Agreement; (4) the occurrence of any event, change or other
circumstance that could give rise to the termination of the
Agreement or could otherwise cause the transaction to fail to
close; (5) the impact of COVID-19 on RSI's business and/or the
ability of the parties to complete the proposed business
combination; (6) the inability to obtain or maintain the listing of
dMY's shares of common stock on the New York Stock Exchange
following the proposed business combination; (7) the risk that the
proposed business combination disrupts current plans and operations
as a result of the announcement and consummation of the proposed
business combination; (8) the ability to recognize the anticipated
benefits of the proposed business combination, which may be
affected by, among other things, competition, the ability of RSI to
grow and manage growth profitably and retain its key employees; (9)
costs related to the proposed business combination; (10) changes in
applicable laws or regulations; (11) the possibility that RSI or
dMY may be adversely affected by other economic, business, and/or
competitive factors; and (12) other risks and uncertainties
indicated from time to time in the proxy statement relating to the
proposed business combination, including those under "Risk Factors"
therein, and in dMY's other filings with the SEC. dMY cautions that
the foregoing list of factors is not exclusive. dMY cautions
readers not to place undue reliance upon any forward-looking
statements, which speak only as of the date made. dMY does not
undertake or accept any obligation or undertaking to release
publicly any updates or revisions to any forward-looking statements
to reflect any change in its expectations or any change in events,
conditions or circumstances on which any such statement is
based.
Important Information About the Proposed Business Combination
and Where to Find It
In connection with the proposed business combination, dMY filed
a preliminary proxy statement with the SEC on October 9, 2020, and
intends to file a definitive proxy statement with the SEC. dMY's
stockholders and other interested persons are advised to read the
preliminary proxy statement and the amendments thereto and the
definitive proxy statement and documents incorporated by reference
therein filed in connection with the proposed business combination,
as these materials will contain important information about RSI,
dMY and the proposed business combination. When available, the
definitive proxy statement and other relevant materials for the
proposed business combination will be mailed to stockholders of dMY
as of a record date to be established for voting on the proposed
business combination. Stockholders will also be able to obtain
copies of the preliminary proxy statement, the definitive proxy
statement and other documents filed with the SEC that will be
incorporated by reference therein, without charge, once available,
at the SEC's web site at www.sec.gov, or by directing a request to:
dMY Technology Group, Inc., Attention: Niccolo de Masi, Chief
Executive Officer, niccolo@dmytechnology.com.
Participants in the Solicitation
dMY and its directors and executive officers may be deemed
participants in the solicitation of proxies from dMY's stockholders
with respect to the business combination. A list of the names of
those directors and executive officers and a description of their
interests in dMY is contained in the Registration Statement on Form
S-1, which was filed by dMY with the SEC on January 31, 2020 and is
available free of charge at the SEC’s website at www.sec.gov, or by
directing a request to dMY Technology Group, Inc., 1180 North Town
Center Drive, Suite 100, Las Vegas, Nevada 89144. Additional
information regarding the interests of such participants will be
contained in the proxy statement for the proposed business
combination when available.
RSI and its directors and executive officers may also be deemed
to be participants in the solicitation of proxies from the
shareholders of dMY in connection with the business combination. A
list of the names of such directors and executive officers and any
information regarding their interests in the proposed business
combination will be included in the proxy statement for the
proposed business combination.
No Offer or Solicitation
This press release shall not constitute a solicitation of a
proxy, consent or authorization with respect to any securities or
in respect of the proposed business combination. This press release
shall also not constitute an offer to sell or the solicitation of
an offer to buy any securities, nor shall there be any sale of
securities in any states or jurisdictions in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
No offering of securities shall be made except by means of a
prospectus meeting the requirements of Section 10 of the Securities
Act of 1933, as amended.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201015005534/en/
For RSI: Media: Jonathan Gasthalter / Carissa Felger / Nathaniel
Garnick (312) 319-9233 / (212) 257-4170 rsi@gasthalter.com or Lisa
Johnson (609) 788-8548 lisa@lisajohnsoncommunications.com
Investors: rsi@icrinc.com For dMY: Niccolo de Masi (310) 600-6667
niccolo@dmytechnology.com
Grafico Azioni dMY Technology (NYSE:DMYT)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni dMY Technology (NYSE:DMYT)
Storico
Da Giu 2023 a Giu 2024