By Chris Wack
Skycorp Solar Group priced its initial public offering of 2 million shares at $4 each, for total proceeds of $8 million.
The solar photovoltaic product provider said the shares have been approved for listing on the Nasdaq Capital Market, and are expected to begin trading Tuesday under the ticker symbol PN.
The company has granted the underwriter an option to buy up to an additional 300,000 shares at the public offering price, less underwriting discounts, to cover the over-allotment option, if any.
The offering is expected to close Wednesday.
The company intends to use 30% of the proceeds for expanding product lines and services; 30% for strengthening research and development capabilities; 20% for improving brand recognition through multi-channel marketing; 20% for working capital and general corporate matters.
Skycorp Solar said in November it was offering 2.7 million shares in its IPO at $4 to $5, but cut that amount to 2 million shares in January.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
March 04, 2025 11:16 ET (16:16 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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