Flying Eagle Acquisition Corporation (FEAC) Secures Shareholder Approval for Skillz Deal

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Flying Eagle Acquisition Corporation (FEAC) Secures Shareholder Approval for Skillz Deal

Flying Eagle Acquisition Corporation (NYSE:FEAC) announced in an 8-K filing that its shareholders approved its combination with mobile esports company Skillz with negligible redemptions.

The approval vote passed almost unanimously at the special meeting December 16 with a result that matches the market’s enthusiasm for the deal. Flying Eagle opened trading at $18.20 today, but, because there are somehow always a few, 2,140 shares were redeemed, taking $10 per share instead.

Other measures up for a vote at the meeting received some dissention with about 18% of participating shares voting against measures giving class B shares the weight of 20 votes each moving forward and making it easier for management to make governance changes.

Flying Eagle initially announced its $3.5 billion combination with Skillz on September 2. Skillz’s platform connects mobile gamers who pay entry fees to compete in tournaments against each other hoping to win prizes. Skillz takes a 14% cut of each fee with the rest going to prizes or profit shares with developers.

For a full list of measures on Flying Eagle’s ballot with vote tallies, click HERE.

 

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