-- China's Skycorp Solar (PN) said Friday that it is acquiring the remaining 56% of Nanjing Cesun for $20.2 million and raising $3 million via a private placement to accelerate its expansion into inverters and energy management.
The company signed a Share Acquisition Agreement on April 30, 2026 for the purchase, it said in a statement.
The all-stock deal, coupled with a $3 million private placement, integrates inverter production and energy management systems into Skycorp's renewable energy portfolio.
Skycorp will settle the consideration by issuing 7,983,000 new ordinary shares priced at $2.52 per share. To ensure long-term alignment, the shares are subject to strict lock-up periods, it said.
Parallel to the acquisition, Skycorp entered into Securities Purchase Agreements with three independent institutional investors to raise $3 million.