Skillz Announces Redemption of Public Warrants
July 16 2021 - 8:30AM
Business Wire
Skillz Inc. (NYSE: SKLZ) (“Skillz”), the leading mobile games
platform bringing fair and fun competition to players worldwide,
today announced that it will redeem all of its outstanding public
warrants to purchase shares of Skillz’s Class A common stock that
were issued under the Warrant Agreement, dated as of March 5, 2020
(the “Warrant Agreement”), by and among Flying Eagle Acquisition
Corp. and Continental Stock Transfer & Trust Company, as
warrant agent and transfer agent (“Continental”), and that remain
outstanding following 5pm New York City time on August 16, 2021 for
a redemption price of $0.01 per warrant. Warrants that were issued
under the Warrant Agreement in a private placement and still held
by Eagle Equity Partners II, LLC, a Delaware limited liability
company, or its permitted transferees are not subject to this
notice of redemption.
Under the terms of the Warrant Agreement, Skillz is entitled to
redeem all of such outstanding public warrants if the reported
closing price of Skillz’s Class A common stock is at least $18.00
per share on each of 20 trading days within a 30 trading day
period. This share price performance requirement was satisfied as
of July 13, 2021.
Continental, in its capacity as warrant agent, has delivered a
notice of redemption to each of the registered holders of such
outstanding public warrants on behalf of Skillz.
All such public warrants may be exercised by the holders thereof
until 5pm New York City time on August 16, 2021, to purchase fully
paid and non-assessable shares of Common Stock underlying such
warrants, at the exercise price of $11.50 per share.
Any such public warrants that remain unexercised following 5pm
New York City time on August 16, 2021, will be void and no longer
exercisable, and the holders of those public warrants will be
entitled to receive only the redemption price of $0.01 per
warrant.
The shares of Class A common stock underlying such public
warrants have been registered by Skillz under the Securities Act of
1933, as amended, and are covered by a registration statement filed
on Form S-1 with, and declared effective by, the Securities and
Exchange Commission (Registration No. 333-252868).
Questions concerning redemption and exercise of such public
warrants can be directed to: Continental Stock Transfer & Trust
Company, 1 State Street, 30th Floor, New York, NY 10004, telephone
number 212-509-4000.
For a copy of the notice of redemption sent to the holders of
such public warrants, please visit the Skillz investor relations
website at https://investors.skillz.com/.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any Skillz securities and shall not
constitute an offer, solicitation, or sale in any jurisdiction in
which such offering, solicitation, or sale would be unlawful.
About Skillz Inc.
Skillz is the leading mobile games platform that connects
players in fair, fun, and meaningful competition. The Skillz
platform helps developers build multi-million dollar franchises by
enabling social competition in their games. Leveraging its patented
technology, Skillz hosts billions of casual esports tournaments for
millions of mobile players worldwide, and distributes millions in
prizes each month. Skillz has earned recognition as one of Fast
Company’s Most Innovative Companies, CNBC’s Disruptor 50, Forbes’
Next Billion-Dollar Startups, and the #1 fastest-growing company in
America on the Inc. 5000. www.skillz.com
Forward Looking Statements
This press release includes “forward-looking statements” within
the meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. The Company’s
actual results may differ from its expectations, estimates, and
projections and, consequently, you should not rely on these
forward-looking statements as predictions of future events. Words
such as “expect,” “estimate,” “project,” “budget,” “forecast,”
“anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,”
“believes,” “predicts,” “potential,” “continue,” and similar
expressions (or the negative versions of such words or expressions)
are intended to identify such forward-looking statements.
These forward-looking statements involve significant risks and
uncertainties that could cause the Company’s actual results to
differ materially from those discussed in the forward-looking
statements. Most of these factors are outside of the Company’s
control and are difficult to predict. Factors that may cause such
differences include, but are not limited to, the ability of Skillz
to: realize the benefits expected from the business combination;
effectively compete in the global entertainment and gaming
industries; attract and retain successful relationships with the
third party developers that develop and update all of the games
hosted on Skillz’s platform; comply with laws and regulations
applicable to its business; and as well as other risks and
uncertainties indicated from time to time in the Company’s SEC
filings, including those under “Risk Factors” therein, which are
available on the SEC’s website at www.sec.gov. Additional
information will be made available in other filings that the
Company makes from time to time with the SEC. In addition, any
forward-looking statements contained in this press release are
based on assumptions that the Company believes to be reasonable as
of this date. The Company undertakes no obligation to update any
forward-looking statements to reflect events or circumstances after
the date of this press release or to reflect new information or the
occurrence of unanticipated events, except as required by law.
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Investors: ir@skillz.com Media: pr@skillz.com
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