Chinese PV product supplier Skycorp Solar Group plans to acquire a 24% stake in Nanjing Cesun Power for approximately $8.7 million. Under the terms of the agreement, Ningbo-based Skycorp will pay for the acquisition by issuing 12 million Class B ordinary shares to the seller of the stake, Skyline Tech Ltd.
The newly issued shares are subject to a five-year lock-up period, which means Skyline Tech holds more than 13 million Class B ordinary shares in Skycorp, representing 97% of the votes of the company.
Closing of the deal is expected on or before Dec. 20 and remains subject to customary closing conditions.
Skycorp’s existing product line focuses on solar products such as cables and connectors, while Nanjing Cesun is engaged in the development of new energy power plants and inverter technologies.
Skycorp CEO Weiqi Huang said that the transaction “marks a strategic extension of the company’s investments into AI-driven energy technologies and green energy solutions.” He added that the move will “create new drivers of sustainable growth for the company.”
Late last week, Skycorp’s shareholders passed a resolution to consolidate authorized, issued and outstanding shares. The resolution means that every 100 existing shares – or another agreed, smaller number that is no less than 10 – will be converted into one new share that would hold the same rights and restrictions, except for par value, as the old shares.
The company said in a statement that no fractional shares would be issued, with the number rounded up to the nearest whole share when necessary.
The move is subject to approval by the company’s board of directors within the next three years. The stakeholders have given the directors authorization to take all necessary actions to carry out the share consolidation, if and when the board decides to proceed.
In November 2024, Skycorp filed for an initial public offering with the US Securities and Exchange Commission, seeking to list on the Nasdaq. At the time, the company said it would offer 2.7 million shares priced between $4 and $5 each, in a bid to raise up to $13.5 million. It began trading on the platform in early March.
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