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 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.

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.