Landcadia Holdings II (LCA) Completes Golden Nugget Deal

golden-nugget-logo-2

Landcadia Holdings II (LCA) Completes Golden Nugget Deal

Landcadia Holdings II (NASDAQ:LCA) announced that it has completed its combination with online casino Golden Nugget Online Gaming following a shareholder vote earlier today.

Shares of the combined entity will begin trading on the Nasdaq tomorrow under the symbol “GNOG.”

Landcadia II’s press release did not include redemption details, but, it is unlikely many shares were redeemed considering that it opened this morning at $25.71.

That is not say the end of the SPAC’s process was completely smooth as initially low turnout prompted Landcadia II to adjourn and reschedule its earlier completion vote December 21. This was due to high proportions of retail investors facing trouble getting their votes in rather than a negative indicator of the deal, however.

The relatively small number of listed online betting companies have generated fervent retail interest, especially following on the success of DraftKing’s (NASDAQ:DKNG) SPAC-listing earlier in April.

Landcadia II initially announced its $745 million deal with Golden Nugget on Jun 29. It operates gambling sites Live Dealer and Live Casino Floor in addition to mobile gambling games.

 

Leave a Reply