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Drive Shack Shares Gain In Premarket As Rory McIlroy Set To Invest In Puttery

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  • Golf star Rory McIlroy and his team’s investment partnership, Symphony Ventures, will make a strategic investment in Drive Shack Inc's (NYSE: DS) Puttery.

  • Rory McIlroy has won 28 tournaments worldwide, including four major championships and two FedEx Cups.

  • Symphony Ventures will make an investment of $10 million over Puttery's three-year development schedule, with Puttery’s first location near Dallas.

  • Symphony will receive 10% ownership in the equity of each Puttery venue planned to open through 2023 at a price equal to 10% of the total cost to build each venue.

  • A pro-rata cash distribution of venue net cash flows equal to the ownership percentage will be made to the investment group on a quarterly basis.

  • Drive Shack expects to open seven new Puttery venues by the end of 2021, including previously announced four locations in Dallas; Charlotte, N.C.; Washington, D.C.; and Miami.

  • "Everyone knows Rory is a highly respected, world-renowned golfer. His deep knowledge and perspective of the game will be instrumental for many years to come as we further expand our Puttery brand," said Chairman Wes Edens.

  • Drive Shack’s cash and equivalents totaled $85.9 million as of March 31, 2021.

  • Price action: DS shares are trading higher by 3.47% at $2.98 premarket on the last check Monday.

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