Plus   Neg

Stock Alert: Landcadia Holdings Hits New 52-week High

Shares of Landcadia Holdings II, Inc. (LCA) are surging more than 30 percent or $3.04 in Monday's morning trade at $13.12, after earlier touching a new 52-week high of $15.72.

Landcadia is a publicly traded special purpose acquisition company co-sponsored by Fertitta Entertainment, Inc. and Jefferies Financial Group Inc. Monday, Tilman Fertitta and Landcadia Holdings said that Landcadia has agreed to acquire Golden Nugget Online Gaming, Inc., or GNOG, a U.S. online real money casino owned by Tilman Fertitta.

The transaction, which values the combined company at an anticipated pro forma enterprise value of about $745 million, is expected to close in the third quarter of this year. Upon closing, Landcadia intends to change its name to Golden Nugget Online Gaming, Inc. and its Nasdaq trading symbol to "GNOG".

GNOG will become only the second pure publicly traded online casino company in the U.S. Tilman Fertitta will remain GNOG's Chairman and CEO.

The stock has traded in a range of $8.82 to $15.72 in the past 52 weeks.

For comments and feedback contact: editorial@rttnews.com

Business News

Follow RTT