SKYX closes $25 million funding round at $2.50 per share

SKYX Platforms Corp. (NASDAQ: SKYX) completed a $25 million funding round through a registered direct offering of common stock, the company announced. The smart home technology company issued 10 million shares at $2.50 per share to one institutional investor with no warrants attached.

The company plans to use the net proceeds for working capital and general corporate purposes. Roth Capital Partners served as the exclusive placement agent for the offering.

The transaction was conducted under a shelf registration statement filed with the Securities and Exchange Commission in May 2023. SKYX develops plug-and-play electrical technologies for residential and commercial buildings.

The Miami-based company holds over 100 issued and pending patents globally and operates 60 lighting and home décor websites. SKYX's technology platform focuses on electrical infrastructure modernization with applications for ceiling-mounted devices including lighting, fans, and smart home products.

The company estimates its U.S. addressable market at approximately $500 billion, with more than 4.2 billion ceiling applications nationwide. SKYX expects to generate revenue through product sales, licensing, royalties, subscriptions, and monitoring services.

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