Company: SKLZ
Filing Date: 2025-09-02
Form Type: 8-K
Source: 0001801661-25-000025
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Company: Skillz Inc.
Filing Date: 2025-09-02
Form: 8-K
Item: Item 1.02
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Item 1.02 Termination of a Material Definitive Agreement.

On August 29, 2025, Skillz Inc. (the “ Company”) received a notice (“ Notice”) from Tether Studios, LLC and Tether Games, Inc. (collectively, “ Tether”) indicating that Tether is terminating all of its various agreements with the Company (the “ Tether Agreements”), including the Company’s Developer Terms and Conditions of Service, as amended from time to time, and that certain Amendment to Skillz Online Developer Terms and Conditions of Service, dated January 15, 2020 (filed as Exhibit 10.13 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023) with such termination intended to be effective as of September 1, 2025. The Company believes the termination notice to be invalid and in breach of Tether’s obligations under the Tether Agreements.

Pursuant to the Tether Agreements, the Company provides Tether with a license to use the Company’s Software Development Kit to provide monetization services with respect to games developed by Tether. In return, and pursuant to the Tether Agreements, the Company and Tether share revenue generated by the aggregate entry fees paid by end users.

Pursuant to the Tether Agreements, either party can terminate upon written notice for convenience or for cause. Tether’s Notice provides that Tether is terminating the Tether Agreements for convenience, while also asserting grounds for termination for cause (effective as of September 28, 2025) in the event its termination for convenience is not held as effective by a competent tribunal.

Certain of the Tether Agreements restrict the removal of two games covered thereby, Solitaire Cube and 21 Blitz, from the Company’s platform for at least 18 months following termination. During the post-termination period, Skillz has the option, but not the obligation, to host paid competitions for these games on the Company’s platform.

Following receipt of the Notice, on September 1, 2025, the Company filed suit in the Court of Chancery of the State of Delaware, seeking injunctive and declaratory relief in relation to Tether’s breach of the Tether Agreements. The Company is also disputing Tether’s allegations with respect to the grounds for termination of the Tether Agreements for cause. The Company intends to defend its position, but can provide no assurances regarding the outcome of the