Skycorp Solar launches $2 million share buyback program

Skycorp Solar Group Limited (NASDAQ: PN) announced its board of directors approved a share repurchase program allowing the company to buy back up to $2 million of its ordinary shares.

The solar cable and connector manufacturer stated the program aims to optimize capital structure, enhance earnings per share, and create long-term shareholder value. The company has already repurchased 60,000 shares for $51,972 using its own resources.

"The Programme demonstrates our confidence in Skycorp Solar's intrinsic value, the resilience of our business model, and our long-term growth opportunities," said Mr. Huang, chairman and chief executive officer.

Huang noted the company has been expanding beyond manufacturing through its acquisition of Cesun Power Co. Ltd., moving into power project investment, development, and AI-powered digital energy management.

The Ningbo, China-based company will provide periodic updates on the program's progress and may adjust, suspend, or terminate it at its discretion. Repurchase timing, pricing, and volumes will depend on market conditions, share price, liquidity, and capital allocation priorities.

All transactions will be conducted in accordance with applicable securities laws and stock exchange rules, with proper disclosure as required by regulations.

Skycorp Solar operates through subsidiaries including Ningbo Skycorp Solar Co., Ltd. in China, focusing on manufacturing and selling solar photovoltaic products including cables and connectors for enterprise customers.

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