Skillz Announces Pricing of Public Offering of Class A Common Stock
Skillz Inc. (NYSE: SKLZ) has priced its underwritten public offering of 32,000,000 shares of Class A common stock at $24.00 per share. The offering comprises 17,000,000 shares to be sold by Skillz and 15,000,000 shares by selling stockholders, who have also granted a 30-day option for underwriters to purchase an additional 4,800,000 shares. The proceeds will be used for working capital and general corporate purposes. The offering is expected to close around March 23, 2021, subject to customary conditions.
- Skillz intends to use the net proceeds for working capital and general corporate purposes.
- The public offering may lead to shareholder dilution, as significant shares are being sold.
Skillz Inc. (NYSE: SKLZ) (“Skillz”) announced today the pricing of its previously announced underwritten public offering of 32,000,000 shares of its Class A common stock. Skillz will sell 17,000,000 shares of its Class A common stock and certain selling stockholders will sell 15,000,000 shares of Class A common stock, at a public offering price of
Skillz intends to use the net proceeds it receives from the offering for working capital and general corporate purposes. Skillz will not receive any proceeds from the sale of Class A common stock offered by the selling stockholders.
Citigroup, Goldman Sachs & Co. LLC, and Jefferies are acting as joint lead book-running managers for the offering. BofA Securities, RBC Capital Markets, UBS Investment Bank, Wedbush Securities, and Wells Fargo Securities are acting as additional book-running managers and Canaccord Genuity and Stifel are acting as co-managers.
The offering will be made only by means of a prospectus. A copy of the prospectus, when available, can be accessed through the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov. Copies of the prospectus, when available, may also be obtained by contacting: Citigroup Global Markets Inc., Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or by phone at (800) 831-9146; Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by phone at (866) 471‐2526, or by email at prospectus-ny@ny.email.gs.com; or Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by phone at 1-877-821-7388, or by email at Prospectus_Department@Jefferies.com.
A registration statement relating to these securities has been filed with, and declared effective by, the SEC. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “outlook,” “may,” “might,” “plan,” “project,” “will,” “would,” “should,” “could,” “can,” “predict,” “potential,” “strategy, “target,” “explore,” “continue,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. However, not all forward-looking statements contain these identifying words. Forward-looking statements in this release include, but are not limited to, statements concerning the satisfaction of customary closing conditions related to the public offering and Skillz’s ability to complete the public offering. Actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in the section entitled “Risk Factors” in the registration statement on Form S-1 related to the offering filed with the SEC, as well as Skillz’s other filings with the SEC. The forward-looking statements included in this press release should not be unduly relied upon, represent Skillz’s views only as of the date of this press release, and do not represent Skillz’s views as of any subsequent date. Skillz undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, changes in Skillz’s expectations, or otherwise, except as required by law.
Source: Skillz Inc.
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