Skyline Builders prices 24.3M shares at 73c in private placement

Skyline Builders (SKBL) Group entered into a definitive securities purchase agreement dated August 27, with accredited investors for the issuance and sale of up to 24,349,315 Class A Ordinary Shares, par value $0.00001 per share and/or prefunded warrants to purchase Class A Ordinary Shares in lieu of Class A Ordinary Shares, at a price of $0.73 per share, together with the Company’s Class A Ordinary Share Purchase Warrant As to purchase up to 24,349,315 Class A Ordinary Shares and the Company’s Class A Ordinary Share Purchase Warrant Bs to purchase up to 24,349,315 Class A Ordinary Shares in a brokered private placement on a best-efforts basis, for a combined aggregate gross proceeds of approximately $17,775,000, before deducting fees and offering expenses. Each Pre-funded Warrant will entitle the holder to acquire one Ordinary Share at an exercise price of $0.0001 per share; each A Warrant will be immediately exercisable and entitle the holder to acquire one Class A Ordinary Share at an exercise price of $0.60 per share, for a period of five years following the closing of the Offering; and each B Warrant will be immediately exercisable and entitle the holder to acquire one Class A Ordinary Share at an exercise price of $0.65 per share, for a period of five years following the closing of the Offering. The private placement is expected to close on August 27, subject to customary closing conditions. The Company shall use the net proceeds from the sale of the securities hereunder as follows: the Company shall use approximately $7,000,000 from the proceeds to retire the 18,500,000 Class A Ordinary Shares of the Company owned by Supreme Development Holdings Limited, a company which is beneficially owned by Ngo Chiu Lam, CEO; and the Company shall use the remaining proceeds for general working capital and other general corporate purposes. The Company intends to use the proceeds from the offering for working capital and general corporate purposes. Dominari Securities, Revere Securities and Pacific Century Securities are acting as co- placement agents for the Offering.