Enterprising Investor
3 años hace
Rory McIlroy to Make Strategic Investment in Puttery With Drive Shack Inc. (7/12/21)
Professional golfer Rory McIlroy and partners will own at least 10% of all venues under development today, as well as optional investment in future venues, via Symphony Ventures.
DALLAS--(BUSINESS WIRE)--Drive Shack Inc. (the “Company”) (NYSE: DS), a leading owner and operator of golf-related leisure and entertainment businesses, announced today it has signed a definitive agreement with global golf superstar Rory McIlroy and his team. Their investment partnership, Symphony Ventures, will make a strategic investment in Puttery, Drive Shack Inc.’s newest competitive socializing and entertainment golf experience.
“Puttery is an immersive, unique and one-of-a-kind entertainment golf experience – it is an exciting and logical partnership for me and my investment group,” McIlroy said. “I have been collaborating with the Drive Shack team for more than two years on Puttery and have remained engaged throughout its entire evolution. I look forward to the opening of our first Puttery venues this summer in both Dallas and Charlotte and am committed to investing in the growth and development of future Puttery venues, contributing to their success in the coming years.”
Symphony Ventures has committed an investment of at least $10 million over Puttery’s three-year development schedule, in exchange for 10% ownership in the equity of each Puttery venue that is planned to open through 2023 at a price equal to 10% of the total cost to build each venue. Investments will begin with the first Puttery location near Dallas (The Colony, Texas), and continue consecutively on a venue-by-venue basis until the commitment is satisfied. Thereafter, Symphony Ventures will have the right, but not the obligation, to invest on the same terms through all Puttery venues that open by the end of 2023.
“Everyone knows Rory is a highly respected, world-renowned golfer. His deep knowledge and perspective of the game will be instrumental for many years to come as we further expand our Puttery brand,” said Drive Shack Inc. Chairman Wes Edens.
Drive Shack Inc. plans to open or nearly complete a total of seven new Puttery venues by the end of 2021, with four of the locations previously announced in Dallas; Charlotte, N.C.; Washington, D.C.; and Miami.
“Rory and his team have been incredible partners throughout our entire Puttery evolution,” said Drive Shack Inc. President and Chief Executive Officer Hana Khouri. “Their involvement and viewpoints have helped shape this innovative concept from the start. We look forward to building a long-standing relationship with Rory and his team, bringing our Puttery vision to life in the coming weeks.”
A pro-rata cash distribution of venue net cash flows equal to the ownership percentage will be made to the investment group on a quarterly basis. In lieu of a cash distribution, the investment group may elect to deposit cash returns into a capital account designated to fund investments in future venues through 2023. Beginning in 2024, the investment group may elect for all or a portion of the venue LLC interests to be converted into common equity of the Company. Please see the Company’s Form 8-K filed today for the full terms of the definitive agreement.
The foregoing description of the investment transactions is qualified in its entirety by the description included on the Form 8-K filed by Drive Shack Inc. concurrently with this press release.
About Rory McIlroy
Rory McIlroy is a professional golfer from Northern Ireland. A member of the European and PGA Tour, Rory has won 28 tournaments worldwide, including four major championships and two FedEx Cups. So far, he has spent 106 weeks as number one in the Official World Golf Ranking. Rory has partnerships with NBC, Nike, Omega, Optum and TaylorMade. In addition, Rory is the lead partner of Symphony Ventures, which has an investment portfolio of technology companies across health, wellness, and golf.
About Drive Shack Inc.
Drive Shack Inc. is a leading owner and operator of golf-related leisure and entertainment businesses focused on bringing people together through competitive socializing. Today, our portfolio consists of American Golf, Drive Shack and Puttery.
About Puttery
Puttery is a modern spin on putting, re-defining the game with unique twists at every hole. Bold and full of possibilities, guests can enjoy a high-energy atmosphere, combining competitive socializing and innovative auto-scoring technology within an immersive experience as they move from one course to the next. With plentiful curated culinary offerings and inventive craft cocktails, all centered around a lively bar area with great music, guests can nosh the night away before, during and after their tee time. The first two venues will open in Dallas and Charlotte, N.C., with additional locations coming to Washington, D.C., and Miami later this year. To learn more or plan your visit, please visit puttery.com.
https://www.businesswire.com/news/home/20210712005236/en/
Enterprising Investor
4 años hace
Drive Shack Inc. Announces Pricing of Public Offering of Common Stock (1/29/21)
NEW YORK--(BUSINESS WIRE)--Drive Shack Inc. (NYSE: DS, the “Company”), a leading owner and operator of golf-related leisure and entertainment businesses, announced today that it priced its underwritten public offering of 20,833,334 shares of common stock at a price to the public of $2.40 per share for gross proceeds of approximately $50 million. All shares of common stock are being offered by the Company. The Company has granted the underwriters an option for a period of 30 days to purchase up to an additional 3,124,999 shares of common stock. The offering is expected to close on February 2, 2021, subject to customary closing conditions.
The Company intends to use the net proceeds from this offering for investments and general corporate purposes, including for working capital and the planned development of five of seven Puttery venues in 2021.
BTIG, LLC is acting as lead book-running manager and Craig-Hallum Capital Group LLC is acting as joint book-running manager for the offering.
The offering is being made pursuant to the Company’s effective shelf registration statement on Form S-3 (333-251671) filed with the Securities and Exchange Commission (the “SEC”). The offering is being made only by means of a prospectus and a related prospectus supplement. Prospective investors should read the prospectus supplement and the prospectus in that registration statement and other documents the Company has filed or will file with the SEC for more complete information about the Company and the offering. You may obtain these documents for free by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, copies of the prospectus supplement and the prospectus may be obtained from BTIG, LLC, 65 East 55th Street, New York, NY 10022, or by e-mail at equitycapitalmarkets@btig.com.
This press release does not constitute an offer to sell or the solicitation of an offer to buy shares of common stock, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
About Drive Shack
Drive Shack Inc. is a leading owner and operator of golf-related leisure and entertainment businesses.
https://www.businesswire.com/news/home/20210129005124/en/Drive-Shack-Inc.-Announces-Pricing-of-Public-Offering-of-Common-Stock
Enterprising Investor
4 años hace
Drive Shack Inc. Announces Proposed Public Offering of Common Stock (1/28/21)
NEW YORK--(BUSINESS WIRE)--Drive Shack Inc. (NYSE: DS, the “Company”), a leading owner and operator of golf-related leisure and entertainment businesses, announced today the launch of an underwritten public offering of $50,000,000 of shares of common stock, subject to market conditions. All shares of common stock are being offered by the Company. The underwriters have agreed to purchase all of the shares offered and the Company intends to grant the underwriters an option for a period of 30 days to purchase up to an additional 15% of the number of shares of common stock sold in the offering. There can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
The Company intends to use the net proceeds from this offering for investments and general corporate purposes, including for working capital and the planned development of five of seven Puttery venues in 2021.
BTIG, LLC is acting as lead book-running manager and Craig-Hallum Capital Group LLC is acting as joint book-running manager for the offering.
The offering will be made pursuant to the Company’s effective shelf registration statement on Form S-3 (333-251671) filed with the Securities and Exchange Commission (the “SEC”). The offering will be made only by means of a prospectus and a related prospectus supplement. Prospective investors should read the prospectus supplement and the prospectus in that registration statement and other documents the Company has filed or will file with the SEC for more complete information about the Company and the offering. You may obtain these documents for free by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, copies of the prospectus supplement and the prospectus may be obtained from BTIG, LLC, 65 East 55th Street, New York, NY 10022, or by e-mail at equitycapitalmarkets@btig.com.
This press release does not constitute an offer to sell or the solicitation of an offer to buy shares of common stock, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
About Drive Shack
Drive Shack Inc. is a leading owner and operator of golf-related leisure and entertainment businesses.
https://www.businesswire.com/news/home/20210128006131/en/Drive-Shack-Inc.-Announces-Proposed-Public-Offering-of-Common-Stock
Enterprising Investor
4 años hace
Drive Shack Inc. Announces Collaboration with Professional Golfer Rory McIlroy and its New Indoor Entertainment Golf Experience, Puttery (1/26/21)
Rory McIlroy to make significant investment in the future growth of Puttery via his investment vehicle, Symphony Ventures
Puttery is Expected to Debut Summer 2021
NEW YORK--(BUSINESS WIRE)--Drive Shack Inc. (NYSE: DS), a leading owner and operator of golf-related leisure and entertainment businesses, announced today that it is partnering with global golf superstar Rory McIlroy on its entertainment golf brand. Puttery is the Company’s new indoor, small format entertainment experience that will feature high-tech mini golf and premium food and beverage offerings.
“I am thrilled to partner with the Drive Shack team on their new entertainment golf experience,” said Rory McIlroy. “Once Covid is under control, the ability to combine high-tech mini-golf with a high quality food & beverage menu will make Puttery a great experience for any social gathering. I am personally making a financial investment in the growth of future Puttery venues across the country and can’t wait to debut our first Puttery in Dallas this summer.”
“Rory is one of the best golfers in the world. His experience and viewpoint that he will bring to Puttery as we grow and expand will be invaluable and really help further fuel our success,” said Chairman Wes Edens.
“We are so excited to partner with Rory McIlroy as we near the launch of our first Puttery venue in Dallas this summer,” said Hana Khouri, President and CEO of Drive Shack. “Since first meeting Rory and discussing the vision for our new indoor entertainment golf experience, he has remained highly engaged and committed to investing in the future expansion and success of Puttery. There is no other person that we’d rather collaborate with for this project and we look forward to building a long-standing relationship with Rory and his team.”
Drive Shack expects to open its first Puttery location in The Colony/Dallas, Texas in the summer of 2021, followed soon thereafter by a second location in Charlotte, North Carolina. Drive Shack has previously announced it plans to open an additional five Puttery locations by the end of 2021 and 10 additional locations by the end of 2022.
The terms of Drive Shack’s partnership with Rory McIlroy are set forth in a non-binding memorandum of understanding and remain subject to the execution of definitive documentation.
About Rory McIlroy
Rory McIlroy is a professional golfer from Northern Ireland who is a member of both the European and PGA Tours. Rory is a four-time Major Champion, two-time FedEx Cup winner and, thus far, has spent 106 weeks as number one in the Official World Golf Ranking.
About Drive Shack
Drive Shack Inc. is a leading owner and operator of golf-related leisure and entertainment businesses.
https://www.businesswire.com/news/home/20210126005913/en/Drive-Shack-Inc.-Announces-Collaboration-with-Professional-Golfer-Rory-McIlroy-and-its-New-Indoor-Entertainment-Golf-Experience-Puttery
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