Skillz Board of Directors Authorizes $65 Million Share Repurchase Program and Exploration of Debt Repurchases

Rhea-AI Summary

Skillz announces share repurchase program and debt repurchase authorization.

Positive

• Skillz approved a share repurchase program of up to $65 million of its Class A common stock.
• Management authorized exploring options to repurchase up to $65 million of the Company's outstanding 10.25% Senior Secured Notes due 2026.

Negative

• None.

LAS VEGAS--(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.

View source 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

Source: Skillz Inc.