Firy Inc. 8-K

What Happened

• On July 27, 2026, U.S. District Judge Denise Cote issued an Opinion and Order stating the court will enter judgment requiring Papaya Gaming to disgorge $719 million in unjust profits to Skillz Platform Inc., Firy Inc.’s wholly owned subsidiary, plus an award of certain attorney’s fees and costs. The case arises from a 2024 false‑advertising suit brought by Skillz Platform under the federal Lanham Act and the New York General Business Law.
• Firy filed a Form 8‑K and on July 28, 2026 issued a press release announcing the post‑trial order (Exhibit 99.1). The company says it intends to vigorously pursue full collection but notes no assurance as to timing or amount of any ultimate recovery, including because of possible appeals or further proceedings.

Key Details

• Judgment amount: $719,000,000 in disgorgement of unjust profits to Skillz Platform Inc.
• Court and judge: U.S. District Court for the Southern District of New York; Judge Denise Cote; Opinion and Order dated July 27, 2026.
• Case background: False‑advertising lawsuit filed by Skillz Platform Inc. in 2024 under the Lanham Act and New York General Business Law.
• Company action: Press release issued July 28, 2026 (Exhibit 99.1); company intends to pursue collection but recovery is uncertain.

Why It Matters

• A $719M judgment, if collected, could meaningfully affect the financial position of Firy’s subsidiary and potentially the company overall. However, the company explicitly warns that timing and the amount of any actual recovery are uncertain, especially if Papaya appeals or other legal steps follow.
• Investors should note this is a post‑trial order, not a completed cash receipt; potential benefits depend on successful collection and any appellate outcomes. The filing is material news about litigation risk and possible upside but carries significant uncertainty.