Skillz Announces 1-for-20 Reverse Stock Split
22 Juin 2023 - 10:45PM
Business Wire
Skillz Inc. (NYSE: SKLZ), the leading mobile games platform
bringing fair competition to players worldwide, today announced
that its Board of Directors has approved a 1-for-20 reverse stock
split of the Company’s Class A common stock and Class B common
stock (together, the “common stock”). The reverse stock split,
which was authorized by Skillz stockholders at the Annual Meeting
of Stockholders on June 20, 2023, is intended to return Skillz to
compliance with the New York Stock Exchange continued listing
standards.
The reverse stock split will become effective on June 23, 2023
and the Company’s Class A common stock will begin trading on a
split-adjusted basis when the market opens on June 26, 2023.
Skillz’ Class A common stock will continue to trade on the New York
Stock Exchange under the ticker symbol “SKLZ” but with a new CUSIP
number of 83067L208.
As a result of the reverse stock split, every 20 shares of
Skillz’ issued and outstanding common stock will be converted
automatically into one issued and outstanding share of common stock
without any change in the par value per share. The reverse stock
split will affect all stockholders uniformly and will not alter any
stockholder’s percentage interest in the Company’s equity, except,
to the extent that the reverse stock split would result in a
stockholder owning a fractional share. Stockholders that would
receive a fractional share will instead receive a cash payment
directly in their brokerage account equivalent to the value of the
fractional share. The reverse stock split will reduce the number of
shares of the Company’s Class A common stock outstanding from
approximately 354,692,618 to approximately 17,734,630 and the
number of the Company’s Class B common stock from approximately
68,601,268 to 3,430,063. Proportional adjustments will also be made
to the number of shares of the Company’s common stock authorized
and the number of shares issuable upon exercise or conversion of
the Company’s equity awards, warrants and other convertible
securities, as well as the applicable exercise or conversion price
thereof.
Additional information regarding the reverse stock split is
available in the Company’s definitive proxy statement filed with
the SEC on May 1, 2023. Any additional questions can be directed to
the Company’s transfer agent, Continental Stock Transfer &
Trust at 1-800-509-5586 or cstmail@continentalstock.com
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.
Source: Skillz Inc.
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