Following approval by dMY Technology stockholders, Rush Street Interactive, an igaming and sports betting company based in Chicago, has completed its business combination and will begin trading on the New York Stock Exchange Wednesday under the tickers RSI and RSI WS.
Cash proceeds from the transaction consisted of dMYs approximately $230 million of cash in trust and approximately $160 million from a PIPE investment led by Fidelity Management and Research Company at $10.00 per share in the Class A common stock of dMY. The combined company had over $240 million in cash as of closing.
Rush Street, founded in 2012, currently operates in six U.S. states (New Jersey, Colorado, Pennsylvania, Indiana, Illinois, Iowa) and Colombia. It has secured market access in three additional states including New York.
According to the company, its income from the first nine months of 2020 was nearly five times the first nine months of 2019.
“With online casino and online sports betting still in the early stages in the United States, we believe there is significant growth potential for our business in both existing and new markets.,” said Greg Carlin, CEO of Rush Street Interactive.
“In a finite competitive landscape with high barriers to entry and strong secular growth trends, we were impressed with what RSI has been building since 2012 and are excited to partner with Greg Carlin, Richard Schwartz and their talented team,” said Niccolo de Masi, CEO of dMY Technology.
As previously announced, Neil Bluhm, Greg Carlin, Richard Schwartz, Einar Roosileht, and Mattias Stetz will continue in their roles as Chairman of the Board of Directors, Chief Executive Officer and Director, President, Chief Information Officer, and Chief Operating Officer, respectively, in the new combined Rush Street Interactive.
