Skillz authorizes $65M share repurchase pact, exploration of debt repurchases

Skillz announced that its Board of Directors has approved a share repurchase program, pursuant to which the Company is authorized to purchase up to $65 M of its Class A common stock. The Board also authorized management to explore options to repurchase up to $65M of the Company’s outstanding 10.25% Senior Secured Notes due 2026. 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.