Skillz Inc (NYSE:SKLZ) shares are trading higher Monday after the company authorized a $65 million buyback.
What Happened: The mobile game platform company’s board authorized a new share repurchase program of up to $65 million. 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.
Skillz said it expects to use existing cash and equivalents to fund any repurchases made under the program, which is set to last for 12 months.
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SKLZ Price Action: Skillz shares are down approximately 28% year-to-date and more than 75% over a one-year period.
The stock was up 8.47% at $7.94 Monday morning, according to Benzinga Pro.
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