Skillz Preparing an Amendment to 2020 Results on SPAC Warrants

Skillz said in a filing that “its consolidated financial statements for the year ended December 31, 2020 should no longer be relied upon.”

• Cites changes required to reclassify warrants issued by SPACs as detailed in a statement released by the SEC on April 12, 2021
• Company will amend the accounting treatment of the public warrants and private placement warrants issued with the initial public offering of Flying Eagle Acquisition Corp
• Company must reclassify warrants as liabilities and record non-cash fair value adjustments into earnings to align with SEC guidance

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