Flying Eagle Acquisition Corp.
FEAC · NYSE · formerly Skillz Inc.
NO ACTION REQUIRED
Nothing left to do
The purchase completed and the shares became shares in the company it bought. There is no deadline left to miss.
Cash at settlement
No cash-per-share figure was filed for this vehicle before it finished.
Last close
Daily close
No price history on file yet — daily closes accumulate from the market data feed.
Trust settled · There is no line to draw here. This vehicle has finished: the cash was paid back or spent closing the deal, so the last filed figure describes an account that no longer exists and would be a floor under nothing.
SpacBrain’s read
Trust settled
The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).
In plain terms
- What it is
- A SPAC from Merger Agreement, Eagle Equity Partners II, LLC, listed on NYSE in March 2020.
- What it's doing now
- It agreed to buy Firy Inc.. That purchase completed, and it stopped being a SPAC — the shares became shares in the business it bought.
- What you should know
- This SPAC has finished. The purchase completed, and the shares became shares in the company it bought — anyone who wanted the cash instead asked for it at the vote, so there is no cash left here to claim and no deadline left to miss.
At a glance
- Where it stands
- Closed (deSPAC)
- The business it bought
- Firy Inc.
- Industry
- the deal record does not name the target's industry yet
- Deal value
- not stated in the filings we hold
- Price vs cash at settlement
- no live price on file
- Cash in trust when it settled
- not yet extracted into a snapshot — the filings below may state it
- the last trust total filed while this was still a SPAC — the account has since been paid out or used to close the deal
- IPO
- 6 March 2020
- size not on file
- Headquarters
- 6625 BADURA AVENUE, LAS VEGAS, NV, 89118
- registered in Delaware
- Lead underwriter
- not extracted from the prospectus yet
- Key officers
- Hoffman Henry M. (Director) · Wakeford Kent (Director) · Walsh Robert A. (Chief Financial Officer)
- Listed securities
- FEAC common
This vehicle has finished, so there is no window to file a cash-per-share figure for and none will follow. No estimate is shown in its place.
Nothing dated is on file. That is an absence in the record, not a statement that nothing is coming.
Yield to redemption
Nothing left to redeem — no yield to compute.
This SPAC has finished — its trust was paid back or used to close the deal, so there is nothing left to redeem and no yield to compute. A yield to redemption is a claim that you can hand these shares back for the trust cash. That account is closed, so this page will not print a number here.
What happened to the cash
The reasoning behind the verdict above, in the order the filings establish it.
- The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).
What has happened, and what is coming
1 dated milestoneEvery dated step from the day it listed to the next date you may have to act on. Where you have to do something, the day your broker needs the instruction is marked too.
- 6 March 2020IPOpassed
IPO size not on file
The deal
terms as filedWhat it is buying, on what terms, and how much of the combined company new shares take from you.
- closed
What Firy Inc. does — read from investors.firy.com on 26 August 2026
FIRY is a global holding company built to fuel business potential. Through its growing portfolio, including Skillz and RZR, FIRY operates at the intersection of content, identity, commerce, and performance marketing. By leveraging first-party data, enterprise-scale infrastructure, and scalable operating systems, FIRY enables scalable growth while maintaining a disciplined focus on capital efficiency and long-term value creation.
San Francisco, CA 94104contentidentitycommerceperformance marketing
The score
deterministic, from filed fieldsFEAC is not in the scored universe, so no score is shown. A withheld score is a fact about the record, not a verdict about the company.
The score is only published for names that carry both a price and a filed cash-per-share figure — 292 of the tracked fleet today. The rest keep an empty dial rather than a modelled one, and fill in by themselves as the fields land.
The company
from SEC filingsRead the full profile
Flying Eagle Acquisition Corp. was a blank-check company whose common stock traded on the New York Stock Exchange under the ticker FEAC. The company priced its initial public offering on March 6, 2020, under a registration statement filed on Form S-1 on February 11, 2020 (SEC file number 333-236367), with shares sold for cash. The registrant self-described as a blank check company in its 424B4 prospectus and was classified under SEC SIC code 7374, Services-Computer Processing & Data Preparation. On December 21, 2020, the company filed a Form 8-K reporting a change in shell company status under item 5.06, establishing that it had completed a business combination and the vehicle no longer files. EDGAR now lists CIK 0001801661 under the name Firy Inc.
Material findings
from the full read of every filingEvery document this company files gets read whole — body and exhibits. These are the ones the read flagged as material, newest first, each citing its filing.
Revenue is growing and the loss is growing faster. The balance sheet carries $128.6 million of debt in current liabilities — the 10.250% senior secured notes due 2026, originally $300.0 million issued in December 2021 — against $164.0 million of cash, which is the context for the $80.0 million partial redemption of those notes the company noticed on August 4, 2026. The filing also discloses that Tether terminated all of its agreements with the company effective September 1, 2025, which the company is contesting in the Delaware Court of Chancery.
The company retired $80.0 million of a secured obligation at par rather than at a premium, and the filing states the exact remaining balance of $49,671,000 on notes that mature in 2026 — so the residual maturity is both quantified and near.
For a de-SPAC carrying secured debt this is the clearest available read on liquidity and leverage: retiring $80.0 million of the stated $129,671,000 outstanding at par consumes cash now and removes about 62% of the principal maturing in 2026. The filing gives the amounts, the price and the date, and states nothing about the source of funds.
A $719 million disgorgement award is a multiple of what this de-SPAC is worth as an operating business, so the litigation asset now dominates the equity story for former FEAC holders. The company says it will vigorously pursue full collection but explicitly gives no assurance as to timing or amount, including in light of any appeal — and disgorgement awards of this size are routinely appealed and reduced. Collectibility from a private defendant is the second unknown behind the headline figure.
The vote totals reveal the control structure: 3,430,063 Class B shares at 20 votes each is about 68.6 million votes against 12,435,460 Class A votes, so roughly 85% of voting power sits with the Class B holders. Director elections at this company are therefore decided by the founder side, and the 6,867,804 broker non-votes on a director proposal indicate a large retail base whose shares were not voted at all.
A total shareholder return of $0.95 for every $100 invested means holders have lost more than 99% of their capital since the measurement date, while the company still lost $70.4 million in 2025 - among the worst outcomes in the de-SPAC cohort. Cutting director equity from $400,000 to $250,000 acknowledges it. Sizing those RSUs off a trailing VWAP still means a lower price produces more shares, so dilution accelerates as the stock falls further.
Show 6 more material filings
Total shareholder return of $1.11 per $100 invested means holders have lost roughly 99% of their capital, and compensation actually paid to the chief executive was negative in both 2023 and 2024 as prior awards collapsed in value. Holding the 2025 annual meeting on December 29 is the latest possible date inside the twelve-month listing requirement. Director equity was cut to $250,000 the following year, an acknowledgement of the same decline.
The two-class structure is unchanged and remains the point: 213,369,175 Class A shares go to holders of Skillz Class B common stock and Skillz preferred stock, while 80,857,913 shares of FEAC Class B common stock go to holders of Skillz Class A common stock, with an equal number of Class A shares registered for that Class B's conversion. The aggregate offering price across both classes is $3,258,480,697.14 at $10.94, the average of the high and low trading prices of FEAC Class A common stock on August 31, 2020 — three months before this amendment.
213,369,175 Class A shares go to holders of Skillz Class B common stock and Skillz preferred, while 80,857,913 shares of FEAC Class B common stock go to holders of Skillz Class A common stock — a separate class created for the founders that converts one-for-one into Class A, which is why the fee table prices both at $10.94 and registers the underlying Class A at no additional fee. That $10.94 is still the August 31, 2020 high-low average, so the aggregate $3,258,480,697.14 applies a stale price to a larger share count.
Skillz's founders are given a separate voting class: 80,364,628 shares of FEAC Class B common stock go to holders of Skillz Class A common stock, while 203,859,612 Class A shares go to holders of Skillz Class B common stock and Skillz preferred. The Class B converts one-for-one into Class A, which is why the fee table prices it identically and registers the underlying Class A separately at no additional fee. A further 3,601,169 Class A shares are reserved for Skillz warrants outstanding as of July 31, 2020, which convert automatically on consummation.
The consideration is split across two classes and the split is the point: 202,946,918 Class A shares go to holders of Skillz Class B common stock and Skillz preferred stock, while 81,001,775 shares of FEAC Class B common stock go to holders of Skillz Class A common stock, with an equal 81,001,775 Class A shares registered for the conversion of that Class B. Skillz's Class A holders therefore arrive holding a separate class rather than the same stock as FEAC's public shareholders. A further 3,629,720 Class A shares are reserved for Skillz warrants outstanding as of July 31, 2020.
Two classes are being created, not one: 223,569,929 Class A shares go to holders of Skillz Class B common and preferred stock, while 71,420,026 Class B shares — each convertible into one Class A share — go to holders of Skillz Class A common stock, so voting control is separated from the bulk of the economics at the outset. A further 2,945,323 Class A shares are reserved for Skillz warrants outstanding as of July 31, 2020, which convert automatically at closing. The $10.94 in the fee table is the average of FEAC's high and low trading prices on August 31, 2020, not a deal price.
Filings
live EDGAR feedEverything this company has filed with the SEC recently, newest first, each with a plain summary of what changed and why it matters.
What changed: Firy Inc. (formerly Skillz Inc.) reported second-quarter revenue of $30,992 thousand against $25,214 thousand a year earlier, and six-month revenue of $60,097 thousand against $47,111 thousand. Net loss widened to $24,475 thousand for the quarter from $17,922 thousand, and was $35,420 thousand for the six months. Cash and cash equivalents were $164.0 million, total stockholders' equity fell to $84,468 thousand from $111,820 thousand at January 1, 2026, and the current portion of long-term debt stood at $128,646 thousand. Why it matters: Revenue is growing and the loss is growing faster. The balance sheet carries $128.6 million of debt in current liabilities — the 10.250% senior secured notes due 2026, originally $300.0 million issued in December 2021 — against $164.0 million of cash, which is the context for the $80.0 million partial redemption of those notes the company noticed on August 4, 2026. The filing also discloses that Tether terminated all of its agreements with the company effective September 1, 2025, which the company is contesting in the Delaware Court of Chancery.
What changed: FIRY Inc., formerly Skillz Inc., reported under Item 8.01 that on August 14, 2026 it redeemed $80.0 million aggregate principal amount of its outstanding 10.250% Secured Notes due 2026 at a redemption price of 100.000% of principal plus accrued and unpaid interest. After that redemption, $49,671,000 aggregate principal amount of the notes remained outstanding as of August 14, 2026. Why it matters: The company retired $80.0 million of a secured obligation at par rather than at a premium, and the filing states the exact remaining balance of $49,671,000 on notes that mature in 2026 — so the residual maturity is both quantified and near.
What changed: Firy Inc. issued a press release on August 13, 2026 announcing its financial results for the second quarter ended June 30, 2026, attached as Exhibit 99.1 under Item 2.02. The 8-K body states only that the release makes reference to non-GAAP measures with reconciliations to the nearest GAAP measures, and that the Item 2.02 information is furnished rather than filed. No figures appear in the report itself. Why it matters: The quarter's numbers are in the exhibit, not this document, so the 8-K establishes only that Q2 2026 results were released on August 13, 2026. Any conclusion about performance has to come from Exhibit 99.1, and the furnished status means it carries the lower liability standard.
Show the other 10 filings
What changed: Firy Inc. (formerly Skillz Inc.) delivered a notice of partial redemption on August 4, 2026 to redeem $80.0 million aggregate principal amount of its outstanding 10.250% Secured Notes due 2026 at a redemption price of 100.000% of principal plus accrued and unpaid interest, with redemption occurring on August 14, 2026. The filing states that $129,671,000 aggregate principal amount of the Notes was outstanding as of August 4, 2026. UMB Bank, N.A. is trustee for the Notes and paying agent for the redemption. Why it matters: For a de-SPAC carrying secured debt this is the clearest available read on liquidity and leverage: retiring $80.0 million of the stated $129,671,000 outstanding at par consumes cash now and removes about 62% of the principal maturing in 2026. The filing gives the amounts, the price and the date, and states nothing about the source of funds.
What changed: Firy Inc., the Flying Eagle Acquisition Corp. successor, reported that on July 27, 2026 Judge Denise Cote of the U.S. District Court for the Southern District of New York entered an Opinion and Order stating she will enter judgment against Papaya Gaming for $719 million in disgorgement of unjust profits to the company's wholly owned subsidiary Skillz Platform Inc., plus an award of certain attorneys' fees and costs. The order follows the false advertising suit Skillz Platform filed against Papaya in 2024 under the federal Lanham Act and the New York General Business Law. Why it matters: A $719 million disgorgement award is a multiple of what this de-SPAC is worth as an operating business, so the litigation asset now dominates the equity story for former FEAC holders. The company says it will vigorously pursue full collection but explicitly gives no assurance as to timing or amount, including in light of any appeal — and disgorgement awards of this size are routinely appealed and reduced. Collectibility from a private defendant is the second unknown behind the headline figure.
What changed: Item 5.07: Firy Inc. held its 2026 annual meeting of stockholders on June 18, 2026. At the close of business on the April 24, 2026 record date there were 12,435,460 shares of Class A common stock and 3,430,063 shares of Class B common stock outstanding, with each Class A share carrying one vote and each Class B share 20 votes. In the election of directors Andrew Paradise received 68,977,034 votes for, 639,721 against and 22,148 abstentions, with 6,867,804 broker non-votes, and Anthony Cabot received 69,018,355 for and 601,776 against. Why it matters: The vote totals reveal the control structure: 3,430,063 Class B shares at 20 votes each is about 68.6 million votes against 12,435,460 Class A votes, so roughly 85% of voting power sits with the Class B holders. Director elections at this company are therefore decided by the founder side, and the 6,867,804 broker non-votes on a director proposal indicate a large retail base whose shares were not voted at all.
The sponsor
The people who set this company up, what they have done before, and the advisers around the deal.
Merger Agreement, Eagle Equity Partners II, LLCnamed as sponsor in this SPAC’s filings — but with no researched track record behind it yet.
A missing score, not a score of zero — why
A Sponsor Score is only published once the sponsor’s prior vehicles have been verified on EDGAR and their post-close outcomes priced. That record does not exist for this sponsor yet, so no number and no tier is shown. That is a missing score, not a score of zero — and not a neutral 50 either.
Coverage so far: 301 of 1284 tracked SPACs (23%) are attached to a scored sponsor. This card fills in by itself as the research lands.
The record
The reference detail — how the shares were structured at listing, how thinly they trade, and where the company is registered.
Show the reference detail
Unit structure
from 424B3 0001104659-22-029271
Trading & liquidity
Company profile
Directors & officers
- Hoffman Henry M.Director
- Wakeford KentDirector
- Walsh Robert A.Chief Financial Officer
- VALLI TODD A.Chief Accounting Officer
- Singleton Nicole MarieChief Human Resources Officer
- Paradise AndrewChief Executive Officer
Institutional holders
from SC 13G/13DFunds that have declared a stake above 5%. Heavy ownership by arbitrage funds usually means heavy cash-outs at the next vote.
Show the declared stakes
10 filers with a stake on file · 0 re-affirmed in the last 12 months. A stake with no amendment since is the filer’s last word on it, not proof it is still held — and percentages filed in different years are percentages of different floats, because this vehicle’s share count collapses at every redemption.
- Atlas Venture Fund IX, L.P.with 1 other reporting person on the same schedule8.0% · SC 13DDec 28, 2020 stale
- ARK Investment Management LLC7.1% · SC 13GFeb 9, 2022 stale
- Wildcat Capital Management, LLCwith 3 other reporting persons on the same schedule6.7% · SC 13D/ADec 12, 2024 stale
- Paradise Andrew3.4% · SC 13D/AAug 8, 2023 stale
- INTEGRATED CORE STRATEGIES (US) LLCwith 6 other reporting persons on the same schedule1.8% · SC 13G/AFeb 12, 2021 stale
- MORGAN STANLEY1.4% · SC 13G/ASep 10, 2021 stale
- Linden Capital L.P.with 2 other reporting persons on the same schedule0.3% · SC 13G/AFeb 8, 2021 stale
- WestCapSkillz 2020-A, LLCwith 8 other reporting persons on the same schedule0.0% · SC 13D/AJun 11, 2024 stale
- BlackRock Inc.0.0% · SC 13G/AJul 7, 2023 stale
- Alberta Investment Management Corp0.0% · SC 13G/AFeb 16, 2021 stale
One line per filer, not per reporting person: a joint schedule names the management company, its funds and often the individual who controls them, and all of them report the same shares. Click a name for that filer’s whole footprint across every SPAC it has declared a stake in.
News
company wires and the financial pressReporting we have matched to this ticker. Headlines belong to the outlets that wrote them.
Show the headlines
- FIRY Announces Rebranding From Skillz Inc.
Financial Timesundated by the source
- Skillz Inc. Completes Rebrand to Firy Inc.
Business Wireundated by the source
Sources on file
harvested pages, kept in fullEvery public page we have read about this company, stored in full so a source can never go missing.
Show the sources
36 full SEC filing texts archived — searchable, never lost.
- Vault note — FEAC (Flying Eagle Acquisition Corp.)
vault-note · /vault/tickers/FEAC
- Vault deal note — Firy Inc. (FEAC)
vault-note · /vault/deals/firy-inc
- Ihre Datenschutzeinstellungen
news · consent.yahoo.com
- FIRY Inc. - Investor Relations
company-site · investors.firy.com
In plain English
tap a term to open itEvery piece of jargon this page could have used, and what it actually means.
Open the plain-English guide
No floor / floorlessthe cash guarantee is gone — the price is unprotected
A SPAC's downside protection is not the cash in trust; it is your right to demand that cash. Once the redemption window closes, the cash stays with the company and the share can trade anywhere.
Redemption deadlinethe last day to hand shares back for cash
Set by the filing that calls the meeting. Tender after it and the company is under no obligation to pay you the trust value.
Broker action datethe day your broker needs the instruction — earlier than the official date
Brokers batch redemption instructions to the transfer agent, so the practical cutoff is roughly two business days before the published deadline. This is the date that actually costs people the floor.
Cash in trust / trust per sharethe cash the company is holding for each public share
Filed quarterly in the 10-Q's XBRL. It earns interest between filings, so the figure on a given day is slightly higher than the last filed one — where we show that we label it an estimate.
Trust discountbuying below the cash held for you
Only meaningful while a redemption right exists. On a floorless name the same arithmetic is not a discount, it is the market pricing distress, and this product will not call it a yield.
Dilutionhow much of the company new shares take from you
Sponsor promote, PIPE shares, warrants and rights all issue stock that did not pay $10 for it. The headline deal value is before that; the effective value is after.
Pro-forma equitywhat the company is valued at once the deal closes
The combined company's equity value assuming the announced terms and the redemptions that have actually happened.
ARShow much upside you get per unit of downside
SpacBrain's asymmetric-return score. It is deterministic — the same inputs always produce the same number — and it is capped, not zeroed, when the floor is gone.
De-SPACthe day the SPAC becomes the real company
The shares stop being a claim on a pot of cash and start being equity in an operating business. Roughly 80% of recent de-SPACs traded below $10 within a year.
Outside datethe contractual long-stop for closing the deal
A deadline between the SPAC and its target, not between the SPAC and you. It confers no right to cash, which is exactly why it must never be counted as a redemption window.
Accession numberthe SEC's unique id for one filing
Every figure on this page carries the accession of the filing that states it, so you can open the primary document rather than trust us.
Accreted NAV (estimate)the last filed cash figure, plus the interest it should have earned since
A model, not a filing: last filed value compounded at the 3-month T-bill for the days elapsed. Always shown in italic with the word estimate, and never printed beside a filed number without it.
Ask the brain
from its filingsData provenance & audit trail4 internal entries
Written by SpacBrain’s data agents whenever a figure is captured, corrected or flagged, and kept verbatim so every number on this page can be traced back to the filing that states it. This is a running log, not the current record: an early entry may be superseded by a later correction — the panels above always hold the current values.
admitted from EDGAR's QUARTERLY FORM INDEX, walked without any SIC filter. The SIC 6770 census could not reach this registrant: EDGAR reassigns a shell's SIC the day it stops being one, and this CIK now files under 7374 (Services-Computer Processing & Data Preparation). The screen found it by filing SHAPE instead — S-1 2020-02-11 → 8-A12B 2020-03-04 → 424B4 2020-03-06 — which nothing rewrites. Admission rule: src/lib/universe-admit.ts. SIC 7374 + self-described blank check in 424B4 0001104659-20-030276; 424B 0001104659-20-030276 priced 2020-03-06 under S-1 0001104659-20-016192 (file 333-236367, an offering for cash); common ticker FEAC off 10-Q 0001104659-20-125504 (2020-11-16); lifecycle EXITED. The pricing prospectus was filed under SEC file number 333-236367, which belongs to S-1 0001104659-20-016192 (2020-02-11) — a registration of shares sold for CASH, which is what makes it an IPO rather than merger consideration. Blank-check status from the registrant's own first-person sentence in that prospectus (EDGAR full-text search, 424B4 2020-03-06). Ending PROVEN, not inferred: CLOSED per 8-K 0001104659-20-138151 (2020-12-21) — 8-K item 5.06 "Change in Shell Company Status" (EDGAR item index, items: 1.01,2.01,3.02,4.01,5.01,5.02,5.06,9.01). EDGAR now files this CIK as "Firy Inc." — the SPAC's own name is kept here and the successor is the target. ipoSizeM and deadline left NULL: gross-proceeds prose conflates the over-allotment with the offering, and a charter deadline belonging to a vehicle that has ended is a date nobody can act on. ipoDate is the 424B pricing date.
sponsor "Merger Agreement, Eagle Equity Partners II, LLC" sourced from prospectus definition (10-K/A) acc 0001628280-21-010194.
[CLOSED-RENAME] EDGAR CIK 0001801661 records "Flying Eagle Acquisition Corp." ending 2020-12-17; the registrant continues as "Firy Inc.". The rename is the SEC's own record of what the vehicle became, keyed by CIK. Closed 2020-12-17. No deal value is set — a rename says what was acquired, never for how much. No date column is set: Deal has announcedAt, voteDate and expectedCloseAt and nowhere to record an actual close, so the SEC's date is kept here until that column exists. [DEAL-STRUCTURE-MINED] terminationFeeM=0.05 from primary filings (0001104659-20-102751).
entity created from the filed target name; no About paragraph on file, so every other field awaits a sourced read