Skillz Board of Directors Authorizes $65 Million Share Repurchase Program and Exploration of Debt Repurchases
August 21 2023 - 9:00AM
Business Wire
Skillz Inc. (NYSE: SKLZ) (“Skillz” or the “Company”), the
leading mobile games platform bringing fair competition to players
worldwide, today announced that its Board of Directors has approved
a share repurchase program, pursuant to which the Company is
authorized to purchase up to $65 million of its Class A common
stock. The Board also authorized management to explore options to
repurchase up to $65 million of the Company’s outstanding 10.25%
Senior Secured Notes due 2026 (the “Notes”).
Repurchases under the share repurchase program and the debt
repurchase authorization may be made at management’s discretion
from time to time through open market purchases, in privately
negotiated transactions, or by other means, in accordance with
applicable securities laws and other restrictions. The timing and
total amount of share or Note repurchases will depend upon
business, economic and market conditions, corporate, legal and
regulatory requirements, prevailing prices, trading volume and
other considerations. The share repurchase program will have a term
of 12 months, and the share repurchase program and debt repurchase
authorization may be suspended or discontinued at any time and do
not obligate the Company to acquire any amount of common stock or
Notes. The Company expects to utilize its existing cash and cash
equivalents to fund any repurchases made under the share repurchase
program or the debt repurchase authorization.
About Skillz Inc.
Skillz is the leading mobile games platform on a mission to
bring out the best in everyone through fun and fair competition.
The Skillz platform helps developers create multi-million dollar
franchises by enabling social competition in their games.
Leveraging its patented technology, Skillz hosts billions of casual
mobile gaming tournaments for millions of players worldwide. As the
pioneer of skill-based competition for mobile gaming, Skillz has
earned recognition with Parity.Org’s 2022 Best Companies for Women
to Advance, Deloitte 2022 Tech Fast 500 and one of Fast Company’s
Most Innovative Companies in 2023. For more information, visit
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. In some cases,
you can identify forward-looking statements by terms such as:
“accelerate,” “anticipate, “believe,” “can,” “continue,” “could,”
“demand,” “design,” “estimate,” “expand,” “expect,” “intend,”
“may,” “might,” “mission,” “objective,” “ongoing,” “outlook,”
“plan,” “potential,” “predict,” “project,” “should,” “target,”
“will,” “would,” or the negative of these terms, or other
comparable terminology intended to identify statements about the
future. These forward-looking statements include, but are not
limited to, statements regarding the anticipated benefits of the
share repurchase program and liability management initiatives to
the Company and its shareholders and the amount and timing of any
share or Note repurchases. We cannot assure you that the
forward-looking statements in this press release will prove to be
accurate. These forward-looking statements are subject to a number
of significant risks and uncertainties that could cause actual
results to differ materially from expected results. Descriptions of
some of the factors that could cause actual results to differ
materially from these forward-looking statements are discussed in
more detail in our filings with the U.S. Securities and Exchange
Commission (the “SEC”), including the Risk Factors section of the
Company’s Annual Report on Form 10-K filed with the SEC on March
31, 2023. Furthermore, if the forward-looking statements prove to
be inaccurate, the inaccuracy may be material. In light of the
significant uncertainties in these forward-looking statements, you
should not regard these statements as a representation or warranty
by us or any other person that we will achieve our objectives and
plans in any specified time frame, or at all. The forward-looking
statements in this press release represent our views as of the date
of this press release. We anticipate that subsequent events and
developments will cause our views to change. Except as required by
law, we undertake no obligation to update such statements to
reflect events or circumstances arising after the date of this
press release and we caution investors not to place undue reliance
on any such forward looking statements.
Source: Skillz Inc.
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version on businesswire.com: https://www.businesswire.com/news/home/20230821592366/en/
Investor Contact ir@skillz.com or James Leahy, Richard
Land JCIR (212) 835-8500 or sklz@jcir.com
Media Contact press@skillz.com
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