Skillz provides a proprietary gaming platform for mobile gaming users and developers. Skillz connects players worldwide by hosting fee-based competitive eSports games on its platform. Flying Eagle Acquisition Corp. ("FEAC") was formed as a special purpose acquisition company, or SPAC, in early January 2020 by its sponsor Eagle Equity Partners II, LLC, led and controlled by defendant Harry Sloan. Within eight months, FEAC and Sloan secured $158 million in private placement commitments in connection with a business combination between FEAC and its target – Skillz. FEAC and Skillz finalized their merger, valuing Skillz at $3.5 billion, on December 16, 2020.