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Hurry Street Interactive Closes Business Mix with dMY Know-how Group, Inc.

5 min read

CHICAGO–(Business enterprise WIRE)–Dec 29, 2020–

Rush Avenue Interactive, LP (“RSI”), a single of the speediest-developing on the net on line casino and sports activities betting gaming organizations in the United States, today announced that it has accomplished its earlier declared organization blend (the “Business Combination”) with dMY Technology Team, Inc. (“dMY”). The Business enterprise Blend was permitted at a specific conference of dMY’s stockholders held nowadays.

Upon completion of the Company Combination, the mixed business was renamed Hurry Street Interactive, Inc. (the “Combined Company”). Commencing on Wednesday, December 30, 2020, the dMY tickers will transform and the Course A typical stock and warrants of the Merged Company will begin buying and selling on the New York Inventory Trade (the “NYSE”) beneath the new ticker symbols “RSI” and “RSI WS,” respectively.

The Business enterprise Mixture makes a foremost on the internet gaming organization with U.S. current market share in on the web on line casino that is at present between the maximum in the marketplace and a top rated on the internet sports betting providing. RSI gives customers an array of choices, which include genuine-money on-line on line casino wagering, on-line and retail sports wagering, and social gaming. RSI presently operates in 6 states – New Jersey, Colorado, Pennsylvania, Indiana, Illinois, Iowa – as properly as Colombia, and it has secured market place obtain in a few additional states, which include New York, with options to focus on other jurisdictions. RSI is escalating speedily and has professional a profits maximize of practically 5 times from the 1st 9 months of 2019 to the first nine months of 2020.

“Today marks a momentous milestone for RSI as we enter the community marketplaces with a great chance forward of us,” said Greg Carlin, Main Govt Officer of RSI. “With on-line on line casino and online athletics betting however in the early stages in the United States, we feel there is substantial advancement likely for our business enterprise in both of those present and new marketplaces. Eilers & Krejcik estimates the overall U.S. on the net on line casino market place to be roughly $20 billion at maturity, and initiatives $15 billion for on the web sports betting. Our steadfast target on buyer expertise and wide demographic access, mixed with our proprietary know-how platform, give us with what we feel are product pros to further our leadership place as on-line gaming proceeds to mature.”

“In a finite competitive landscape with superior boundaries to entry and solid secular growth tendencies, we ended up amazed with what RSI has been constructing since 2012 and are enthusiastic to associate with Greg Carlin, Richard Schwartz and their proficient workforce as they go on to extend their marketplace-foremost system,” explained Niccolo de Masi, Main Executive Officer of dMY Know-how Team. “Through RSI’s differentiated offerings and faithful consumer base driven by powerful player rely on and engagement, we imagine RSI is preferably positioned to capitalize on the rapid expansion in on-line casino and on the internet sports activities betting. RSI is firmly dedicated to operational excellence, and we consider it has the most effective product or service, the most effective tech system and the most effective buyer company in the industry.”

Hard cash proceeds from the transaction consisted of dMY’s close to $230 million of dollars in believe in and approximately $160 million from a PIPE investment led by Fidelity Administration and Research Enterprise at $10.00 for every share in the Class A frequent inventory of dMY. Immediately after the payment of amounts to redeem equity from existing RSI fairness holders in accordance with the terms of the Business Mix Settlement beforehand entered into amongst the parties, and the payment of transaction costs and costs, the Merged Enterprise experienced in excess of $240 million of cash on its consolidated balance sheet as of the closing. The money are anticipated to be utilised to speed up the Mixed Company’s progress in equally domestic and global marketplaces, assistance internet marketing endeavours and provide further doing the job money.

As previously declared, Neil Bluhm, Greg Carlin, Richard Schwartz, Einar Roosileht, and Mattias Stetz will keep on in their roles as Chairman of the Board of Directors, Chief Govt Officer and Director, President, Chief Facts Officer, and Main Operating Officer, respectively, of the Combined Firm, supported by a deep and talented management team with sizeable expertise in the on the net gaming marketplace. In addition to Neil Bluhm and Greg Carlin, the Mixed Company’s Board of Directors incorporate dMY’s Chairman, Harry You, and CEO, Niccolo de Masi, as properly as Paul Wierbicki, Leslie Bluhm, James Gordon, Judith Gold, and Sheli Rosenberg.

Jefferies LLC and Oakvale Money LLP acted as co-lead capital marketplaces and monetary advisors to RSI. Kirkland & Ellis LLP served as authorized advisor to RSI. White & Case LLP, Cleary Gottlieb Steen & Hamilton LLP, and Greenberg Traurig LLP acted as authorized advisors to dMY. Goldman Sachs & Co. LLC served as fiscal advisor to dMY. Needham & Corporation and Oakvale Cash acted as placement agents for the PIPE transaction.

About RSI

Established in 2012 by gaming field veterans, RSI is a sector chief in on-line casino and sports activities betting in the U.S. RSI launched its initial on the net gaming on line casino web site, PlaySugarHouse.com, in New Jersey in September 2016 and was the first gaming enterprise to launch a regulated online gaming website in Pennsylvania. With its BetRivers.com web sites, RSI was also the initially to launch regulated online gaming in Indiana, Colorado and, most lately, Illinois. RSI was named the 2020 International Gaming Awards Digital Operator of the Yr, and the 2020 EGR North The us Awards Casino Operator of the Year and Consumer Assistance Operator of the Yr. RSI has been an early mover in Latin America and was the to start with U.S.-centered gaming operator to start a authorized and controlled on-line on line casino and sportsbook, RushBet.co, in the region of Colombia. For a lot more information, check out www.rushstreetinteractive.com.

About dMY

dMY Know-how Team, Inc. was a special function acquisition business launched for the objective of effecting a merger, cash stock trade, asset acquisition, stock obtain, reorganization or related enterprise mixture with a single or a lot more enterprises.

Forward-Searching Statements

This press launch contains “forward-on the lookout statements” in the this means of the “safe harbor” provisions of the Non-public Securities Litigation Reform Act of 1995. The Combined Company’s genuine effects and ideas might differ materially from their expectations, estimates and projections and for that reason, you ought to not rely on these ahead-hunting statements as predictions of future gatherings. Words and phrases these kinds of as “expect,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,”

Look at supply edition on businesswire.com:https://www.businesswire.com/news/dwelling/20201229005427/en/

Speak to: Media:

Jonathan Gasthalter / Carissa Felger / Nathaniel Garnick

(312) 319-9233 / (212) 257-4170

[email protected]

or

Lisa Johnson

(609) 788-8548

[email protected]:

[email protected] dMY Technological know-how:

Niccolo de Masi

(310) 600-6667

[email protected]

Search phrase: ILLINOIS UNITED STATES NORTH The us

Industry Key word: Technology Cellular/Wireless Casino/GAMING OTHER Sporting activities Sporting activities Leisure Application Net Details Management

Resource: Rush Avenue Interactive, LP

Copyright Organization Wire 2020.

PUB: 12/29/2020 04:15 PM/DISC: 12/29/2020 04:15 PM

http://www.businesswire.com/news/home/20201229005427/en

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