Skycorp Solar Group acquires remaining stake in Nanjing Cesun for $20.2M

Skycorp Solar Group Limited (NASDAQ: PN) signed an agreement to acquire the remaining 56% equity interest in Nanjing Cesun Power Co., Ltd. for $20.2 million and completed a $3 million private placement with institutional investors.

The solar cable and connector manufacturer previously held a 44% stake in Nanjing Cesun through its subsidiary. The acquisition will give Skycorp 100% ownership of the renewable energy company, which operates in server equipment sales, inverter production, photovoltaic power station operation, and energy management systems.

Skycorp will pay the $20.2 million consideration through issuing 7.98 million newly issued ordinary shares at $2.53 per share, based on the average closing prices from April 17-30, 2026. The transaction values Nanjing Cesun at $36.1 million according to an independent valuation report.

The shares are being acquired from CEO Huang Weiqi, who holds a 20% direct stake, and EZPower Limited, which holds 36%. Since Huang serves as Skycorp's CEO, the transaction required approval from the audit committee of independent directors as a related-party transaction.

The consideration shares are subject to lock-up periods: 24 months for 4.9 million Class B shares issued to Huang and 6 months for 3.1 million Class A shares issued to other beneficial owners.

In the separate private placement, Skycorp will issue 1.69 million Class A ordinary shares at $1.77 per share, representing a 30% discount to the recent average trading price. Three institutional investors participated: Hoping Group Limited ($1.05 million), Matrix Sea Limited ($1.05 million), and Hoping AI Machine Pte Ltd ($902,000).

The private placement shares are subject to a six-month lock-up period. Skycorp plans to use the proceeds for working capital, business development, and potential strategic transactions.

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