Skillz shares skyrocket >400%; co wins legal victory against rival Papaya Gaming

Firy

23/04/2026 19:47

** Shares of mobile gaming platform Skillz SKLZ.N skyrocket as much as 443.5% to $20 on Thurs amid multiple halts for volatility. Stock last up 270% at $13.62

** Rival Papaya Gaming found liable for false advertising Thurs and ordered by a Manhattan federal court jury to pay $420 mln in damages to Skillz,  Bloomberg Law reports

** Jury also said Skillz is entitled to $652 mln in disgorgement, which the judge plans to issue a decision on in early June, according to the report

** Skillz accused Papaya of using bots in certain games and tournaments, and claimed Papaya falsely advertised them as "skill-based" competition between humans

** Las Vegas, Nevada-based Skillz issues a statement, saying "we’re pleased with the jury’s verdict and appreciate the careful consideration of the facts. We remain committed to fair competition and to providing a trusted, transparent experience for players and developers”

** Over 16 mln SKLZ shares have traded on the session vs their 10-DMA volume of about 300,000, per LSEG data

** Co has ~15.6 mln shares outstanding and 9.6 mln shares of free float

** SKLZ is currently the top trending ticker on retail trading platform Stocktwits

** Co went public in Dec 2020 through SPAC merger with Flying Eagle Acquisition Corp

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))