Skycorp Solar Group Limited Announces $3.6 Million Second Private Placement, Bringing Total Recent PIPE Funding to $6.6 Million

Skycorp Solar Group (NASDAQ: PN) announced a second private placement on May 6, 2026, issuing 1,685,000 Class A shares to raise $3.6 million at $2.1365 per share.

Rhea-AI Summary

Skycorp Solar Group (NASDAQ: PN) announced a second private placement on May 6, 2026, issuing 1,685,000 Class A shares to raise $3.6 million at $2.1365 per share. Combined with a May 1 PIPE of $3.0 million, total recent PIPE funding is $6.6 million. The share price equals a 30.19% discount to the 15-trading-day average. New and expanding institutional investors subscribed; shares are subject to a six-month lock-up. Aggregate new issuance across both rounds is 3,379,000 shares, taking total outstanding to 13,900,025. Proceeds target working capital, business development, possible strategic transactions, and exploration/feasibility for a 200MW wind farm in Chengde, Hebei.

Positive

• Second PIPE raised $3.6M on May 6, 2026
• Total recent PIPE funding equals $6.6M
• Aggregate issuance of 3,379,000 shares increases outstanding to 13,900,025
• Helios Tech subscribed 1,295,500 shares for $2,767,834
• Proceeds earmarked for working capital and a 200MW wind farm study

Negative

• Placement price of $2.1365 is a 30.19% discount to recent average
• Aggregate issuance caused shareholder dilution of ~32% of prior shares

Argus May 6 session

+19.04% close to close Open Argus

Details

News Market Reaction – PN

On May 6, the day this news came out, PN closed 19.04% above the previous close.

Data tracked by StockTitan Argus for the May 6 session.

Key Figures

Second PIPE amount: $3.6M Recent PIPE total: $6.6M Shares issued (second PIPE): 1,685,000 shares +5 more

Second PIPE amount

$3.6M

Gross proceeds from May 6, 2026 private placement

Recent PIPE total

$6.6M

Combined capital from May 1 and May 6 PIPE rounds

Shares issued (second PIPE)

1,685,000 shares

New Class A Ordinary Shares from May 6, 2026 PIPE

Offer price

$2.1365 per share

Purchase price for second PIPE round

Discount to 15-day average

30.19% discount

Versus 15-day arithmetic average price of $3.0603

Investor subscription

1,295,500 shares; $2,767,834

Helios Tech Limited allocation within second PIPE

Post-PIPE shares outstanding

13,900,025 shares

Total outstanding after both May PIPE transactions

Wind project size

200MW

Potential wind farm project in Chengde, Hebei Province

Historical Context

5 past events · Latest: May 01

5 events

1. May 01

   Acquisition & PIPE

   24h Move

   +89.2%

   Acquisition of remaining Nanjing Cesun stake plus $3.0M PIPE financing.

2. Apr 28

   Listing compliance

   24h Move

   -1.6%

   Regaining compliance with Nasdaq minimum bid price requirement.

3. Apr 08

   Reverse share split

   24h Move

   -37.3%

   1-for-20 reverse split to reduce share count and boost per-share price.

4. Feb 12

   Earnings update

   24h Move

   +2.4%

   Fiscal 2025 results with strong revenue growth but modest net loss.

5. Dec 04

   Share repurchase

   24h Move

   -0.0%

   Authorization of $2.0M share repurchase programme with initial buybacks.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

pipe, private placement, securities purchase agreements, class a ordinary shares, +1 more

5 terms

pipe financial

"for a second round of private placement (PIPE) financing."

A PIPE (private investment in public equity) is a deal in which institutional or accredited investors buy shares or convertible securities directly from a publicly traded company, usually at a discount to the market price. Companies use PIPEs to raise money faster than through a traditional public offering; for existing shareholders they matter because the newly issued shares add to the share count and can dilute ownership.

private placement financial

"for a second round of private placement (PIPE) financing."

A private placement is a sale of securities directly to a selected group of investors, typically institutions or accredited investors, instead of through a public offering. It lets a company raise money faster and with fewer regulatory steps; for existing shareholders it matters because the newly issued shares, often sold at a discount, increase the share count and can dilute their ownership.

securities purchase agreements financial

"it has entered into Securities Purchase Agreements (the “Agreements”)"

A securities purchase agreement is a legal contract that spells out the terms when a company sells stocks, bonds, or other investment instruments to buyers. It lays out price, how many securities change hands, any promises or protections for each side, and when the sale is completed—like a detailed sales contract for investments. Investors care because it determines ownership stakes, potential dilution, rights attached to the securities, and conditions that affect the company’s future value.

class a ordinary shares financial

"will issue a total of 1,685,000 Class A Ordinary Shares to raise $3.6 million."

Class A ordinary shares are a type of ownership stake in a company that typically grants voting rights to shareholders, allowing them to have a say in important company decisions. They often come with priority in receiving dividends or profits, making them attractive to investors seeking influence and potential income. These shares help distinguish different levels of ownership and rights within a company's stock structure.

lock-up period financial

"are subject to a six-month lock-up period commencing on May 6, 2026."

A lock-up period is a fixed time after a stock offering during which company insiders and early investors are legally barred from selling their shares. It matters because when that restriction expires a large block of previously locked-up shares can enter the market at once, potentially lowering the stock price or spiking trading volume—like opening a floodgate—so investors monitor these dates to anticipate price moves and manage risk.

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NINGBO, China, May 06, 2026 (GLOBE NEWSWIRE) -- Skycorp Solar Group Limited (“Skycorp” or the “Company”) (NASDAQ: PN), a solar PV product provider engaged in the manufacture and sale of solar cables and solar connectors, today announced that it has entered into Securities Purchase Agreements (the “Agreements”) for a second round of private placement (PIPE) financing. Pursuant to the Agreements dated May 6, 2026, the Company will issue a total of 1,685,000 Class A Ordinary Shares to raise $3.6 million. Building upon the Company's previously announced $3.0 million PIPE financing on May 1, 2026, this second round brings the total capital raised across the two recent placements to $6.6 million.

The purchase price for this second round of financing is set at USD2.1365 per share. This price represents a 30.19% discount to the arithmetic average of the Company's official daily closing prices on the Nasdaq Capital Market over the 15-consecutive-trading-day period from April 15, 2026, through May 5, 2026, which was calculated to be USD3.0603 per share.

The $3.6 million private placement is being subscribed to by four unaffiliated institutional investors. Demonstrating continued confidence in the Company, three institutional investors from the first PIPE round have expanded their positions: Hoping Group Limited, Matrix Sea Limited, and Hoping AI Machine Pte Ltd. In addition, the Company welcomes Helios Tech Limited as a new investor in this round, which subscribed for 1,295,500 shares for an amount of USD2,767,834. None of the investors are affiliates of the Company, and no executive or controlling person of the investors currently serves as a director or officer of Skycorp.

To ensure market stability, all newly issued Class A Ordinary Shares under this transaction are subject to a six-month lock-up period commencing on May 6, 2026. During this period, the investors may not sell, transfer, pledge, or hedge the shares without the Company's prior written consent.

Following the successful completion of both the May 1 and May 6 PIPE transactions, the Company will have issued an aggregate of 3,379,000 new Class A Ordinary Shares across the two rounds, thereby increasing its total outstanding share capital to 13,900,025 shares.

The Company intends to use the net proceeds from this offering for general corporate purposes, including working capital, business development, and potential strategic transactions.

“This financing will also be used for the exploration, feasibility study, project application and other related expenses for a potential 200MW wind farm project located in Chengde, Hebei Province, China,” Mr. Huang Weiqi, Chief Executive Officer of Skycorp added.

About Skycorp Solar Group Limited

Skycorp Solar Group Limited is a solar photovoltaic (PV) product provider focused on manufacturing and selling solar cables and connectors. Our operations are managed through our subsidiaries, including Ningbo Skycorp Solar Co., Ltd., in China.

The Company’s mission is to become a green energy solutions provider by utilizing solar power and delivering eco-friendly solar PV products. By leveraging the Company’s expertise in solar technologies and relationships with worldwide clients, it aims to expand offerings of solar PV products and energy solutions for enterprise customers. For more information, please visit: https://ir.pnrenewables.com/.

Forward-Looking Statement

This press release contains forward-looking statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, factors discussed in the “Risk Factors” section of the registration statement filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

For more information, please contact:

Skycorp Solar Group Limited
Cathy Li
Investor Relations
Email: pr@pnrenewables.com
Tel: +86 185 0252 9641 (CN)

WFS Investor Relations Inc.
Connie Kang
Partner
Email: ckang@wealthfsllc.com
Tel: +86 1381 185 7742 (CN)

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much did Skycorp (PN) raise in the May 6, 2026 private placement?

Skycorp raised $3.6 million by issuing 1,685,000 Class A shares. According to the company, this round supplements a May 1 PIPE, bringing combined recent PIPE proceeds to $6.6 million.

What price per share was set in Skycorp's (PN) May 6, 2026 PIPE and how was it calculated?

The May 6 placement price was $2.1365 per share. According to the company, that price represents a 30.19% discount to the 15-day arithmetic average closing price of $3.0603 from April 15–May 5, 2026.

Who participated in Skycorp's (PN) second PIPE round on May 6, 2026?

Four unaffiliated institutional investors subscribed, including returning investors Hoping Group, Matrix Sea, and Hoping AI Machine, plus new investor Helios Tech. According to the company, none are company affiliates or serve as Skycorp directors or officers.

How will the May 1 and May 6 PIPEs affect Skycorp's (PN) share count?

After both PIPEs, Skycorp issued an aggregate of 3,379,000 new Class A shares, raising total outstanding shares to 13,900,025. According to the company, this reflects the combined effect of the two placements.

What are the restrictions and intended use of proceeds from Skycorp's (PN) May 6 PIPE?

New shares are subject to a six-month lock-up from May 6, 2026, during which transfers require company consent. According to the company, net proceeds will support working capital, business development, strategic transactions, and a feasibility study for a 200MW wind farm.