After Dave Portnoy went live Feb. 12 to discuss his most recent trades, speculation swirled over the company in which company he claims to have invested $2.7 million.
What Happened: Answering questions on live video Friday, Portnoy — after spilling a coffee on his laptop— first declined to reveal his most recent stock pick.
“What’d I buy yesterday? I bought one stock that’s like a cheap stock. I’m not going to say what it is because I don’t know if I can and I don’t want to change the price. I’m locked up in it and I’m saving it for six months to a year. I think it’s a quadruple bagger,” he said in response to a viewer’s question.
He went on to say that the company was “in his space” and that it was a company that he likes.
Portnoy is an avid investor in the esports sector and owns Barstool Sports, a company in which Penn National Gaming Inc. (NASDAQ:PENN) has a 36% stake.
That’s not all he said, however.
Later in the video, Portnoy, seemingly annoyed, gave in further to one of his fans and revealed two more clues.
“Fine! It rhymes with ‘the door,’ that’s all I’m saying. And I had to figure out how to buy it because it ain’t American.”
Score Media, often referred to as “The Score,” fits the description it’s in the esports space, it’s not American and it rhymes perfectly with ‘the door.’
Why It Matters: Portnoy said he would update his followers “when (he’s) done with it” because he doesn’t want to have any issues with the SEC, but after Portnoy shared the clues on air, shares in Score Media shot up 9% midday. Portnoy isn’t the only catalyst the company has going for it, however.
What’s Next: On Wednesday, the Canadian Parliament is set to vote on Bill C13.
With all three major Canadian opposition parties backing the bill, which is the next step in making single sports betting and iGaming fully legal in the country, the bill is largely expected to pass.
What’s More: On Feb. 10, Score Media announced a proposed share consolidation in preparation for uplisting onto a major U.S. exchange.
On Feb. 11, Score Gaming announced a reverse split of 10-1 had taken place and shares would begin trading on a post-consolidated basis on Feb. 18.
With this share consolidation, Score Media has greatly reduced the size of its float. Prior to the consolidation, Score Gaming had 434.4 million Class A shares outstanding, which will be reduced to only 43.4 million post-split.
With these big catalysts on the horizon, Score Gaming may see increased buying pressure as it nears its goal to list on the NASDAQ or NYSE and compete against the likes of Penn National and DraftKings Inc. (NASDAQ:DKNG).
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