Skyline Builders to sell 17.37M shares at $1.375 in private placement

Skyline Builders (SKBL) announced that it has entered into a definitive securities purchase agreement dated October 28 with certain accredited investors in a brokered private placement on a best-efforts basis for the sale and issuance of 17,370,909 Class A ordinary shares, par value $0.00001 per share, together with Class A Ordinary Share Purchase warrants to purchase up to 17,370,909 Class A ordinary shares at a purchase price for a combination of one Class A ordinary share and one ordinary warrant of $1.375 and a purchase price for a combination of one prefunded warrant and one ordinary warrant of $1.37499, for a combined aggregate gross proceeds of approximately $23,885,000, before deducting placement agent fees and other offering expenses payable by the company. Each prefunded warrant will be immediately exercisable upon issuance and will entitle the holder to acquire one Class A ordinary share at an exercise price of $0.0001 per share. Each ordinary warrant will be immediately exercisable and will entitle the holder to acquire one Class A ordinary share at an exercise price of $1.50 per share until the fifth anniversary of the date of issuance. The offering is expected to close on or about October 30, subject to the satisfaction of customary closing conditions. The company intends to use the net proceeds from the sale of the securities hereunder for general working capital and other general corporate purposes. Dominari Securities, Revere Securities and Pacific Century Securities are acting as co-placement agents for the offering.