Skycorp Solar Group Limited (NASDAQ: PN) completed a $3.6 million private placement financing through the issuance of 1,685,000 Class A ordinary shares, the company announced Monday. The transaction brings total capital raised across two recent private placements to $6.6 million, following a $3.0 million placement completed on May 1.

The shares were priced at $2.1365 each, representing a 30.19% discount to the 15-day average closing price of $3.0603 through May 5. Four institutional investors participated in the placement, including three returning investors from the first round: Hoping Group Limited, Matrix Sea Limited, and Hoping AI Machine Pte Ltd. New investor Helios Tech Limited subscribed for 1,295,500 shares worth approximately $2.8 million.

The newly issued shares are subject to a six-month lock-up period beginning May 6, during which investors cannot sell, transfer, pledge, or hedge the shares without company consent. Following completion of both placements, Skycorp will have issued 3,379,000 new shares, increasing total outstanding shares to 13,900,025.

The Ningbo, China-based solar cable and connector manufacturer stated it will use proceeds for general corporate purposes, working capital, and business development. Chief Executive Officer Huang Weiqi said the funding will also support exploration and feasibility studies for a potential 200MW wind farm project in Chengde, Hebei Province, China.

None of the participating investors are company affiliates, and no executive or controlling person of the investors serves as a Skycorp director or officer, according to the company's statement.