Skycorp Solar Group Limited (NASDAQ:PN), a solar PV products provider, rose on Wednesday after announcing a $3.6 million private placement, bringing recent PIPE funding to $6.6 million.

Skycorp Raises Additional PIPE Funding

Under the May 6 agreements, Skycorp will issue 1,685,000 Class A Ordinary Shares at $2.1365 per share. The offering price represents a 30.19% discount to the average Nasdaq closing price over the prior 15 trading days.

The financing follows a previously announced $3 million PIPE transaction involving 1,694,000 Class A ordinary shares.

Institutional Investors Increase Exposure

The financing includes four unaffiliated institutional investors. Existing investors Hoping Group Limited, Matrix Sea Limited and Hoping AI Machine Pte Ltd expanded their positions.

Helios Tech Limited joined as a new investor, subscribing for 1,295,500 shares valued at about $2.77 million.

Skycorp said all newly issued shares are subject to a six-month lock-up beginning May 6.

The company said offering proceeds will support working capital, business development, and strategic initiatives, including a potential 200MW wind farm project in Hebei Province, China.

Nanjing Cesun Acquisition

In April, Skycorp signed an agreement to acquire the remaining 56% stake in Nanjing Cesun Power. The $20.19 million deal will increase Skycorp's ownership in the company to 100%.

Business Overview

Skycorp manufactures and sells solar photovoltaic products, including solar cables and connectors, while also supplying GPU and HPC servers.

PN Stock Price Activity

PN Price Action: Skycorp Solar Group shares were up 14.39% at $7.87 at the time of publication on Wednesday, according to Benzinga Pro data.

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