8-K: Skillz Inc. Receives NYSE Notice Regarding Late Form 10-K Filing

Skillz Inc. received a notice from the NYSE due to its failure to timely file its Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

Summary

• Skillz Inc. received a notice from the New York Stock Exchange (NYSE) on April 2, 2025, indicating non-compliance with NYSE listing standards due to the late filing of its Annual Report on Form 10-K for the year ended December 31, 2024.
• The notice does not immediately affect the listing of Skillz's common stock on the NYSE.
• Skillz has six months from March 17, 2025, to regain compliance by filing the Form 10-K with the SEC.
• The NYSE may grant an extension of up to six additional months at its discretion.
• The NYSE may commence delisting proceedings at any time if deemed necessary.
• Skillz previously reported its inability to file the Form 10-K on time in a Form 12b-25 filing on March 17, 2025, citing the need for more time to complete year-end reporting procedures.
• Skillz expects to file the Form 10-K within the initial six-month period, but there is no guarantee.
• A press release regarding the NYSE notice was issued on April 8, 2025.

Sentiment

Score: 3

Explanation: The sentiment is negative due to the notice of non-compliance from the NYSE and the delay in filing the Form 10-K, raising concerns about the company's financial reporting and potential delisting.

Positives

• The NYSE Notice has no immediate effect on the listing of the company's common stock.
• Skillz has been granted a six-month period to regain compliance.
• There is a possibility of an extension of up to six additional months to file the Form 10-K.

Negatives

• Skillz is not in compliance with NYSE listing standards.
• The company failed to file its Annual Report on Form 10-K in a timely manner.
• The NYSE may commence delisting proceedings at any time if it deems the circumstances warrant.

Risks

• Failure to file the Form 10-K within the given timeframe could lead to delisting from the NYSE.
• The company's actual results may differ from its expectations, estimates, and projections.
• Skillz faces risks related to competition, developer relationships, brand awareness, AI development, employee growth, compliance, and internal controls.

Future Outlook

Skillz expects to file the Form 10-K within the six-month period granted by the NYSE Notice, but there is no assurance that it will be filed within such period.

Industry Context

Many companies face challenges in meeting reporting deadlines, especially with complex financial procedures. Delays can raise concerns among investors about a company's financial health and internal controls.

Stakeholder Impact

• Shareholders may be concerned about the potential delisting of Skillz's common stock.
• Employees may experience uncertainty due to the company's financial reporting issues.
• The company's reputation may be negatively affected by the delay in filing the Form 10-K.

Next Steps

• Skillz must file its Form 10-K with the SEC within six months from March 17, 2025, to regain compliance with NYSE listing standards.
• Skillz will continue working diligently to complete the necessary work to file the Form 10-K as soon as practicable.

Key Dates

Keywords

Form 10-K, NYSE, Delisting, Compliance, Skillz, SEC, Filing, Notice