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Horizon Acquisition Shares Rise 10% On Pipe Investment By DraftKings

Shares of Horizon Acquisition Corp. (HZAC) are up 10 percent on Thursday's trading as the company announced that sports betting company DraftKings LLC (DKNG) will make a private placement PIPE investment in connection with the closing of an earlier declared merger between Horizon and independent online ticket company Vivid Seats LLC.

The investment will be made through Eldridge Industries, LLC, an affiliate of Horizon's sponsor, Horizon Sponsor, LLC. The investment will be part of the earlier announced PIPE financing for the transaction, with DraftKings taking over a portion of Eldridge's commitment. The closing of the investment is dependent on the completion of the business deal between Horizon and Vivid Seats.

Currently at $11.65, the stock has traded between $9.28 and $11.78 during the past 52 weeks.

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