Skycorp Solar to acquire 24% equity interest in Nanjing Cesun Power for $8.7M

Skycorp Solar (PN) announced that it has entered into a definitive agreement to acquire an equity interest of 24% in Nanjing Cesun Power from Skyline Tech for a total consideration of approximately $8.7M. Under the terms of the agreement, the company will satisfy the purchase consideration through issuance of additional 12,000,000 Class B ordinary shares of the company to Skyline. The newly issued shares will be subject to a lock-up period of five years. As of the date of this 6-K, Skyline holds 13,025,000 class B ordinary shares of the company, representing 97% of the votes of the company. As a related party transaction, the transaction was approved by the company’s board of directors and audit committee on October 12. The closing of the transaction is expected to occur on or before December 20 and is subject to customary closing conditions.