What's Sending Skillz Stock Higher Monday?
Portfolio Pulse from Adam Eckert
Skillz Inc (NYSE:SKLZ) shares are trading higher after the company authorized a $65 million buyback. The board also authorized management to explore options to repurchase up to $65 million of its outstanding debt through 10.25% senior secured notes due in 2026. The program is set to last for 12 months and will be funded by existing cash and equivalents. Despite this, Skillz shares are down approximately 28% year-to-date and more than 75% over a one-year period.
August 21, 2023 | 1:28 pm
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Skillz Inc's stock is trading higher after the company authorized a $65 million buyback. The company will also explore options to repurchase up to $65 million of its outstanding debt.
The announcement of a share buyback program usually leads to a positive reaction in the market as it indicates that the company believes its shares are undervalued. Additionally, the repurchase of debt could potentially reduce the company's financial risk, which could also be viewed positively by investors.
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