Special purpose acquisition company (SPAC) dMY Technology Group will hold a shareholder meeting on 29 December in order to approve its proposed reverse merger with Rush Street Interactive, the online gaming arm of Rush Street Gaming.
The SPAC has filed a merger proxy statement for the securities and exchange commission (SEC), which will be distributed at the meeting.
If the deal is approved as expected, Rush Street Interactive will trade on the NYSE with an initial enterprise value of around $1.78bn, using the ticker symbol “RSI”.
dMY’s chairman Harry You and chief executive Niccolo de Masi will both join Rush Street Interactive’s board.
Rush Street Interactive operates two brands – sports betting brand BetRivers and online casino brand PlaySugarhouse.
BetRivers – which uses Kambi’s sports betting technology – was the first operator to take online sports bets in Illinois, and the first online in Indiana. RSI also operates in New Jersey, Pennsylvania and Colorado.
Last month, Rush Street Interactive raised its full-year revenue guidance by 20% to between $265m and $275m, after it saw revenue grow 369.5% to $72.8m in the third quarter of 2020.
The deal was approved unanimously by the boards of both businesses when it was announced in July.
A wave of other online gaming operators have also recently gone public or intend to do so, usually also through SPACs.
Golden Nugget Online Gaming announced its plans to public on the Nasdaq exchange in June, while DraftKings also traded on the exchange after agreeing a merger with SBTech.