Why Skillz Stock Was Going Down Again Today

Shares of Skillz (NYSE: SKLZ) were going down again on Friday after the company announced the pricing of its secondary stock offering. The offering priced below where shares were trading on the market. As of 10 a.m. EDT, Skillz stock was down almost 11%.

To be clear, Skillz stock isn't selling off today because of the offering itself. The stock already sold off earlier this week when the offering was first announced. However, at the time, the offering hadn't priced. That's what's new today -- at least 32 million shares will be sold for $24 each. For perspective, Skillz stock was trading around $27 per share when the pricing was announced.

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Source Fool.com