Skycap Solar Group Limited (NASDAQ:PN) is trading higher Monday on continued strength after the company announced Friday that it will acquire the remaining 56% stake in Nanjing Cesun Power Co., Ltd. and a $3.0 million private placement.
- Skycorp stock is showing exceptional strength. Why is PN stock up today?
Acquisition Details
The company said it signed a Share Acquisition Agreement on April 30, 2026, to acquire the remaining 56% equity interest in Nanjing Cesun for approximately $20.19 million, bringing its total ownership to 100%.
The consideration will be paid through the issuance of 7,983,000 newly issued ordinary shares at a price of $2.5290 per share. The transaction implies a total enterprise valuation of approximately $36.06 million for Nanjing Cesun.
Skycorp said the acquisition will allow it to fully consolidate Nanjing Cesun's operations, which include server equipment sales, inverter production, photovoltaic power station operations and energy management systems.
Private Placement
The company also announced a $3.0 million private placement with three institutional investors through the issuance of 1,694,000 Class A ordinary shares at $1.7703 per share.
Skycorp said the proceeds will be used for general corporate purposes, including working capital, business development and potential strategic transactions.
The newly issued shares in the private placement are subject to a six-month lock-up period.
Skycorp Shares Power Higher
PN Price Action: At the time of publication, Skycorp shares are trading 67.71% higher at $4.80, according to data from Benzinga Pro.
This illustration was generated using artificial intelligence via Midjourney.
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