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Dave Portnoy Shares Thoughts On Penn Stock Offering, Barstool App Figures

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Dave Portnoy Shares Thoughts On Penn Stock Offering, Barstool App Figures

The Barstool Sports founder took to Twitter to share his anger over the company’s stock offering.

What Happened: Penn National Gaming (NASDAQ: PENN) announced plans to sell 14 million shares in an offering to potentially raise over $1 billion, causing shares to fall

Buried in the offering were early figures from the recently launched Barstool Sportsbook mobile app.

The app launched in Pennsylvania on Sept. 18. During its first four days, the app saw 24,000 registrations in Pennsylvania and 30,000 downloads in the state, as well as about 180,000 downloads in the U.S.

These figures include approximately 12,000 first time depositors in Pennsylvania. The average deposit size was $243. During these four days, around $11 million was wagered through the app.

See Also: 3 ETFs With Powerful Penn National Exposure

What Portnoy Said: In a Twitter post called “Hey World, Now I’m Mad $PENN,” Dave Portnoy shared his anger of the offering and the app results being buried.

“Those are what you lead with,” Portnoy said, after he read the download and handle figures from the Barstool Sportsbook app. “I wouldn’t have done those numbers the same day you do the stock offering."

Portnoy has been vocal about the stock being undervalued and he echoed that today: “If we just release these numbers by themselves, the stock would be $100 right now."

Portnoy told shareholders, “I’ll just have to put in on my back again.” Portnoy said he will “prove them all wrong... we're just starting."

PENN Price Action: Shares of Penn National Gaming are down 8% Thursday to $63.64. Shares hit 52-week highs of $76.62 last week ahead of the app launch.

 

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