BUZZ-Rush Street falls as secondary offering kicks off

Morgan Stanley
Rush Street Interactive, Inc. Class A

Morgan Stanley

MS

0.00

Rush Street Interactive, Inc. Class A

RSI

0.00

** Online casino and sports betting company Rush Street Interactive's RSI.N shares slide 10.2% to $26.20 in extended trading

** RSI kicks off secondary offering of 10 million shares by one or more trusts beneficially owned by executive chairman Neil Bluhm, CEO Richard Schwartz and chief operating officer Mattias Stetz

** Selling stockholders offering shares for personal financial planning and estate planning purposes - RSI

** Wells Fargo Securities and Morgan Stanley acting as joint book-running managers

** Upon offering completion, Neil Bluhm and trusts and other entities beneficially owned by him will continue to own over 40% of the firm's stock - RSI

** Concurrently, RSI intends to repurchase from the underwriters $30 million of shares from the offering under its existing stock repurchase program

** As of last close, RSI stock up 50% YTD


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