Skillz Board of Directors Authorizes $65M Share Repurchase Program And Explore Options To Repurchase Up To $65M Of The Company's Outstanding 10.25% Senior Secured Notes Due 2026
Portfolio Pulse from Happy Mohamed
Skillz Inc. (NYSE:SKLZ) has announced that its Board of Directors has approved a share repurchase program, authorizing the company to purchase up to $65 million of its Class A common stock. The Board also authorized management to explore options to repurchase up to $65 million of the company's outstanding 10.25% Senior Secured Notes due 2026. The repurchases may be made at management's discretion and will be funded by the company's existing cash and cash equivalents.
August 21, 2023 | 1:02 pm
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POSITIVE IMPACT
Skillz's announcement of a share repurchase program and potential debt repurchase could lead to a short-term increase in stock price due to the perceived increase in value.
Share repurchase programs often lead to an increase in the stock price as they reduce the number of shares in circulation, potentially increasing earnings per share. Additionally, the potential repurchase of debt could be seen as a positive sign of the company's financial health, further boosting investor confidence.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100