Pilgrim Global buys Sable Offshore (SOC) shares worth $14.7m
Investing.com -- Skycorp Solar Group Ltd (NASDAQ:PN) stock surged 16.5% in after-hours trading Tuesday following the announcement of a strategic acquisition in the renewable energy sector.
The solar PV product provider revealed it has entered into a definitive agreement to acquire a 24% equity stake in Nanjing Cesun Power Co., Ltd., a company specializing in new energy power plant development and inverter technologies. The transaction is valued at approximately $8.7 million and will be satisfied through the issuance of 12 million Class B ordinary shares to Skyline Tech Limited.
The newly issued shares will be subject to a five-year lock-up period. Currently, Skyline Tech holds 13,025,000 Class B ordinary shares of Skycorp, representing 97% of the company’s voting rights.
The transaction, approved by Skycorp’s board of directors and audit committee on October 12, 2025, is expected to close by December 20, 2025, subject to customary closing conditions.
Weiqi Huang, Chairman and CEO of Skycorp, described the acquisition as "a strategic extension of the Company’s investments into AI-driven energy technologies and green energy solutions," which he believes will create new growth drivers for the company.
Skycorp Solar Group, which manufactures and sells solar cables and connectors, is positioning itself to expand its footprint in the renewable energy market through this investment.
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