Skillz Announces Proposed Public Offering of Class A Common Stock

SAN FRANCISCO–(BUSINESS WIRE)–Skillz Inc. (NYSE: SKLZ) (“Skillz”) 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.

The offering will be made only by means of a prospectus. A preliminary prospectus related to the offering has been filed with the Securities and Exchange Commission (the “SEC”) and is available on the SEC’s website at Copies of the preliminary prospectus 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 [email protected]; 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 [email protected].

A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy these securities be accepted, prior to the time the registration statement becomes effective. 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 terms of the proposed public offering and the completion, timing, and size of the proposed 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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