Skillz (SKLZ) Announces 32M Share Proposed Public Offering of Class A Common Stock

March 17, 2021 7:55 AM EDT

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Skillz (NYSE: SKLZ) announced today that it has commenced an underwritten public offering of 32,000,000 shares of its Class A common stock, consisting of 17,000,000 shares being offered by Skillz and 15,000,000 shares being offered by certain selling stockholders. The selling stockholders intend to grant the underwriters a 30-day option to purchase up to an additional 4,800,000 shares of Class A common stock. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

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. 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.

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