Why Skillz Sank Then Inched up Higher on Monday

Skillz (NYSE: SKLZ) stock dipped slightly in early trading Monday before eventually clawing to a nearly 2.4% gain at today's close . With no other price-moving news from the company, it seems likely this was due to a revised share-issue prospectus filed by the mobile games platform operator that morning.

Skillz's new prospectus didn't differ substantially from its predecessor, which was filed last week. In both, the company revealed that a group of selling stockholders "may from time to time" divest up to a total of slightly over 4.4 million shares of its common stock. If effected, these sales will occur via private placements.

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Source Fool.com