Skillz Raises $408M From Secondary Share Sale Priced At $24

Online mobile multiplayer competition platform Skillz Inc SKLZ priced its previously announced secondary offering of 32 million shares at $24 per share.

• The offering included 15 million shares from certain selling stockholders and 17 million shares from Skillz.
• The offer price signifies a 10.3% discount to the Thursday closing price of $26.75.
• The company’s 17 million share sale proceeds worth $408 million would be utilized for working capital and general corporate purposes.
• Skillz’s revenue for the fourth quarter of FY20 rose 95% to $68 million, 8% above expectations. Its gross margin remained consistent at 95%, while the Gross Marketplace Volume increased 78% to $463 million. Net loss rose 389% to $44 million. Net loss per share doubled to $0.14.
• SKLZ stock has declined 30% in the last thirty days.
• Price action: SKLZ share prices traded lower by 6.92% at $24.90 in the premarket session on the last check Friday.