Mobile gaming platform Skillz today announced that it will redeem all of its outstanding public warrants to purchase shares of Class A common stock that were issued under the SPAC warrant agreement with Flying Eagle Acquisition, which merged with the company in December. Warrants issued in a private placement and still held by Eagle Equity Partners II are excluded.
Skillz in a press release said terms allow it to redeem all outstanding public warrants if the reported closing price of Skillz’s Class A common stock is at least $18 per share on each of 20 trading days within a 30-trading day period. That threshold was reached July 13.
Each unit in Flying Eagle’s February 2020 IPO included one-fourth of a warrant, which converted to Skillz warrants following the merger.
Skillz warrants last traded at $3.58, while shares are down more than 3% today at $14.80.
Shareholders have until Aug. 16 to redeem their warrants. Read more.
