CHICAGO–(Company WIRE)–Hurry Avenue Interactive, LP (“RSI” or the “Company”), a person of the speediest-developing on the net casino and athletics wagering corporations in the United States, and dMY Technologies Group, Inc. (NYSE: DMYT.U, DMYT and DMYT WS) (“dMY”), a publicly traded unique function acquisition firm, currently declared that they have entered into a definitive settlement pursuant to which RSI and dMY will merge. As a outcome of the transaction, RSI will come to be a publicly mentioned firm on the New York Stock Exchange, and the put together enterprise is predicted to have an initial business price of about $1.78 billion. Upon closing, dMY intends to change its name to Hurry Avenue Interactive, Inc. and its NYSE trading symbol to “RSI.”

Hurry Street Interactive Highlights

Launched in 2012 by gaming field veterans Neil Bluhm, Greg Carlin and Richard Schwartz, RSI is a market chief in on-line casino and sports activities betting in the United States.

RSI at the moment operates on the web gaming websites in Illinois and Pennsylvania, the two greatest populated U.S. states that have legalized on the web gaming and wherever a scarcity of on-line gaming licenses also exists, as nicely as in New Jersey, Indiana, and Colorado. The whole believed size of the U.S. market place for online on line casino and on the net sporting activities betting is about $33 billion in accordance to Eilers & Krejcik and RSI estimates.

The Corporation released its 1st on-line gaming on line casino web-site, PlaySugarHouse.com in New Jersey, in September 2016 and subsequently grew to become the to start with on the internet gaming company to launch on the web sporting activities wagering in Pennsylvania, Indiana, Colorado and, most lately, Illinois. Additionally, RSI is the very first U.S.-centered gaming operator to launch a legal and controlled on the web sportsbook on a national foundation in Latin America. RSI only operates in legal and controlled markets.

The Company’s proprietary, impressive iGaming platform presents a loaded and differentiated user encounter, and a extensive vary of specialized bonusing instruments. RSI delivers premier in-match and reside occasion streaming and expects to launch a new iOS sportsbook app later this yr.

Management & Governance

Adhering to the closing of the transaction, Neil Bluhm will proceed to serve as Chairman of the Board of Administrators, Greg Carlin will go on to serve as Main Government Officer, and Richard Schwartz will go on to provide as President of the blended company, supported by a deep and talented management crew with considerable knowledge in the online gaming industry.

The blended company’s Board of Administrators will include dMY’s Chairman Harry You and CEO Niccolo de Masi. Mr. You is the previous EVP of EMC and beforehand served as the Main Economical Officer of Accenture and Oracle. Mr. de Masi is the latest Chairman and previous CEO of Glu Cell (Nasdaq: GLUU), a primary developer and publisher of mobile game titles for smartphone and tablet devices.

We started out RSI in 2012 to develop a exciting and engaging on the net experience for the U.S. gaming buyer and we now have a wonderful prospect to speed up our development in this dynamic sector,” reported Mr. Carlin. “We are hunting ahead to investing further more in market place enlargement, item innovation, and growing our proficient group.”

RSI has accomplished primary on the web on line casino and sportsbook industry positions by focusing on what gamers want – a large-quality product or service, handy customer support, and transparency and honesty,” Mr. Schwartz mentioned. “This transaction will aid enrich and broaden our product or service offerings and appeal to additional gamers.”

This transaction with dMY Technological innovation will deliver RSI entry to advancement capital to allow for the growth of the business enterprise in this speedy-increasing market and we be expecting it will serve our buyers and investors perfectly,” Mr. Bluhm said.

With their dozens of years of online on line casino and athletics wagering experience, RSI has formulated a major customer-concentrated on-line gambling platform,” explained Mr. de Masi. “Harry and I are greatly energized about RSI’s positioning and the extensive-term development opportunity they have in the growing U.S. current market.”

Crucial Transaction Phrases

The transaction values the blended company at an anticipated preliminary company price of somewhere around $1.78 billion, or 5.6x RSI’s projected 2021 revenue of $320 million.

The consideration payable to RSI shareholders will consist of a mixture of money and rollover equity in dMY. Upon the closing of the transaction, Mr. Bluhm and his affiliates will maintain a managing economic desire (as a result of an Up-C composition described underneath) and a controlling voting curiosity in the put together corporation.

Money proceeds from the transaction will consist of dMY’s $230 million of income in have faith in (matter to reduction for any possible redemptions by existing stockholders of dMY) and an supplemental $160 million PIPE expense led by Fidelity Management and Exploration Organization at $10.00 for each share in the widespread inventory of dMY. Any cash proceeds from the transaction remaining on the put together company’s harmony sheet are anticipated to be employed to accelerate RSI’s development in equally domestic and worldwide marketplaces, assist promoting initiatives and present further performing funds.

Prior to any probable redemptions by current stockholders of dMY, there is around $230 million at the moment held in dMY’s rely on account. Upon payment of the order price tag and similar transaction fees and fees (like payments to current RSI shareholders in connection with the redemption of their fairness) and the considerably concurrent closing of the PIPE transaction, it is anticipated that the put together firm will have over $235 million on its consolidated balance sheet at closing and an predicted first equity industry capitalization of above $2. billion.

Up to $125 million of hard cash from the $160 million PIPE will be applied to redeem fairness from current RSI equityholders in accordance with the conditions of the definitive settlement. The terms of the transaction have to have dMY to have a minimal of $160 million in dollars instantly prior to closing. This kind of closing money is described in the definitive arrangement as the sum of the funds readily available from dMY’s belief account web of any possible redemptions and web of transaction expenses, moreover the committed PIPE cash.

The transaction will be structured as an Up-C the place the present equityholders of RSI will keep a part of their equity interests in RSI and will get an equivalent number of non-economic voting shares in the mixed firm. The merged company will also enter into a customary tax receivable arrangement with the current equityholders of RSI, which will deliver for the sharing of specified tax positive aspects as realized by the combined organization.

The Boards of Administrators of the two dMY and RSI have just about every unanimously permitted the transaction. The transaction will require the acceptance of dMY’s stockholders, and is issue to other customary closing problems, together with the receipt of specific regulatory approvals. The transaction is envisioned to near in 2020. Upon closing, dMY intends to alter its name to Hurry Avenue Interactive, Inc. and its NYSE buying and selling symbol to “RSI.”

An investor presentation detailing the transaction will be accessible at www.dmytechnology.com. It will be submitted with the SEC as an show to a Latest Report on Kind 8-K, and offered on the SEC web site at www.sec.gov.

Advisors

Jefferies LLC and Oakvale Capital LLP are performing as co-lead money marketplaces and economic advisors to RSI. Kirkland & Ellis LLP is serving as lawful advisor to RSI. White & Scenario LLP, Cleary Gottlieb Steen & Hamilton LLP, and Greenberg Traurig LLP are acting as authorized advisors to dMY. Goldman Sachs & Co. is serving as economic advisor to dMY. Needham & Company and Oakvale Cash acted as placement agents for the PIPE transaction.

Goldman Sachs & Co. and UBS Expense Financial institution were the underwriters of the first public presenting of dMY.

About Rush Road Interactive

Launched in 2012 by gaming field veterans Neil Bluhm, Greg Carlin and Richard Schwartz, RSI is a industry leader in online casino and sporting activities betting in the U.S. The Firm launched its to start with on-line gaming casino web-site, PlaySugarHouse.com in New Jersey, in September 2016 and is the to start with on line gaming enterprise to start on the web athletics wagering in Pennsylvania, Indiana, Colorado and, most not too long ago, Illinois. RSI was the first U.S.-based gaming operator to launch a authorized and controlled on the net sportsbook on a national basis in Latin The us (Rushbet.co in Colombia). For far more data, pay a visit to www.rushstreetinteractive.com.

About dMY Technology Group

dMY Technological know-how Team, Inc is a $230 million specific objective acquisition company founded by Niccolo de Masi and Harry You for the goal of effecting a merger, capital inventory trade, asset acquisition, stock order, reorganization or identical company combination with 1 or a lot more corporations. dMY’s first general public offering was underwritten by Goldman Sachs & Co. and UBS Investment decision Bank, and its common stock, units and warrants began buying and selling on the NYSE on February 21, 2020 beneath the ticker symbols DMYT, DMYT-UN and DMYT-WT, respectively. Additional details can be identified at www.dmytechnology.com.

Critical Information About the Proposed Small business Mix and Where to Come across It

In relationship with the proposed business mixture, dMY intends to file a preliminary proxy statement and a definitive proxy assertion with the SEC. dMY’s stockholders and other fascinated persons are advised to read, when out there, the preliminary proxy statement and the amendments thereto and the definitive proxy assertion and documents included by reference therein filed in connection with the proposed company mix, as these elements will contain crucial information and facts about RSI, dMY and the proposed business enterprise mixture. When readily available, the definitive proxy assertion and other applicable materials for the proposed small business mix will be mailed to stockholders of dMY as of a file day to be founded for voting on the proposed company mix. Stockholders will also be able to obtain copies of the preliminary proxy statement, the definitive proxy assertion and other documents filed with the SEC that will be integrated by reference therein, without the need of demand, when out there, at the SEC’s website web site at www.sec.gov, or by directing a request to: dMY Technology Group, Inc., Attention: Niccolo de Masi, Chief Executive Officer, niccolo@dmytechnology.com.

Individuals in the Solicitation

dMY and its administrators and govt officers could be considered contributors in the solicitation of proxies from dMY’s stockholders with respect to the enterprise mixture. A record of the names of those administrators and executive officers and a description of their pursuits in dMY will be submitted in the proxy statement for the proposed small business blend and be readily available at www.sec.gov. Added data regarding the pursuits of this sort of individuals will be contained in the proxy statement for the proposed enterprise mix when out there.

RSI and its directors and govt officers may perhaps also be considered to be contributors in the solicitation of proxies from the shareholders of dMY in connection with the small business mixture. A checklist of the names of these administrators and executive officers and details regarding their interests in the proposed business blend will be incorporated in the proxy assertion for the proposed enterprise combination.

Ahead-On the lookout Statements

This press launch involves “forward-searching statements” in the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. dMY’s and RSI’s real benefits may well differ from their anticipations, estimates and projections and for that reason, you need to not count on these forward-on the lookout statements as predictions of future gatherings. Phrases these as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and identical expressions are meant to recognize this kind of ahead-on the lookout statements. These ahead-on the lookout statements include, with out limitation, dMY’s and RSI’s anticipations with respect to long run overall performance and expected monetary impacts of the proposed organization mix, the satisfaction of the closing ailments to the proposed business mix and the timing of the completion of the proposed business blend. These ahead-on the lookout statements require major pitfalls and uncertainties that could bring about the true success to differ materially from the anticipated success. Most of these things are exterior dMY’s and RSI’s command and are tricky to predict. Variables that might induce these dissimilarities include, but are not restricted to: (1) the prevalence of any event, alter or other situations that could give rise to the termination of the definitive business blend settlement (the “Agreement”) (2) the final result of any legal proceedings that may possibly be instituted in opposition to dMY and RSI subsequent the announcement of the Arrangement and the transactions contemplated therein (3) the incapacity to finish the proposed organization mixture, like owing to failure to obtain acceptance of the stockholders of dMY, selected regulatory approvals or satisfy other disorders to closing in the Settlement (4) the incidence of any function, alter or other circumstance that could give increase to the termination of the Arrangement or could in any other case bring about the transaction to fall short to near (5) the affect of COVID-19 on RSI’s company and/or the capacity of the functions to comprehensive the proposed enterprise mix (6) the incapacity to attain or maintain the listing of dMY’s shares of prevalent inventory on the New York Stock Trade pursuing the proposed organization combination (7) the threat that the proposed small business mix disrupts recent programs and functions as a end result of the announcement and consummation of the proposed company combination (8) the potential to understand the expected benefits of the proposed business combination, which may well be afflicted by, between other things, competition, the capability of RSI to grow and manage development profitably and retain its vital staff members (9) expenses associated to the proposed business blend (10) variations in applicable rules or restrictions (11) the risk that RSI or dMY may perhaps be adversely affected by other financial, enterprise, and/or aggressive aspects and (12) other threats and uncertainties indicated from time to time in the proxy assertion relating to the proposed business enterprise mixture, such as individuals beneath “Risk Factors” therein, and in dMY’s other filings with the SEC. dMY cautions that the foregoing checklist of variables is not special. dMY cautions visitors not to place undue reliance upon any ahead-seeking statements, which discuss only as of the day created. dMY does not undertake or settle for any obligation or endeavor to launch publicly any updates or revisions to any forward-hunting statements to mirror any change in its expectations or any transform in situations, circumstances or situations on which any these kinds of assertion is dependent.

No Supply or Solicitation

This press launch shall not represent a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed small business combination. This press release shall also not represent an give to promote or the solicitation of an offer you to purchase any securities, nor shall there be any sale of securities in any states or jurisdictions in which these offer, solicitation or sale would be illegal prior to registration or qualification less than the securities regulations of any these kinds of jurisdiction. No presenting of securities shall be made except by means of a prospectus conference the specifications of Segment 10 of the Securities Act of 1933, as amended.