What happened Flying Eagle Acquisition (NYSE: FEAC) is up 20% as of 11:20 a.m. EDT, after announcing it will merge with mobile gaming platform Skillz, allowing it to become publicly traded. So what Flying Eagle is a special purpose acquisition company, or SPAC. The team behind Flying Eagle has some experience in this area. Founding investor Jeff Sagansky and chairman and CEO Harry Sloan were also the founder and initial shareholder, respectively, of Diamond Eagle Acquisition, which took DraftKings (NASDAQ: DKNG) public through a merger earlier this year. Image source: Getty Images. Skillz is a mobile gaming platform focused on "connecting players in fair, fun, and meaningful competition." The company says it anticipates 2022 revenue of $555 million, representing a compound annual growth rate (CAGR) of 57% from 2020. According to the company, investors including Fidelity Management, Neuberger Berman, Wellington Management, and others have committed over $250 million. The transaction for its public listing implies a valuation for Skillz of $3.5 billion, or 6.3 times projected 2020 revenue. Now what Skillz uses its gaming platform to power tournaments for game developers around the world. "Today we're a leader in casual esports and are well positioned to capture the global esports opportunity which will increasingly define the gaming market," founder and CEO Andrew Paradise said in a company statement. Flying Eagle's Harry Sloan noted that he has been in the gaming industry for 20 years, including his work with DraftKings. "I believe Skillz has positioned itself as the platform for the future of gaming, where entertainment, gaming, and enablement converge," he said in a statement. 10 stocks we like better than Flying Eagle Acquisition Corp.When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Flying Eagle Acquisition Corp. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of August 1, 2020 Howard Smith has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source