Skyline Builders Group Holding Limited closed concurrent private placements of Series B Preferred Shares, raising approximately $31.59 million in gross proceeds. The company issued 6,322 Preferred Shares, convertible into Class A ordinary shares, and intends to use the net proceeds for general working capital and other corporate purposes.
Key takeaways
The company closed private placements raising approximately $31.59 million in gross proceeds.
An aggregate of 6,322 Series B Preferred Shares were issued.
Approximately $26.59 million was raised under Regulation D to accredited investors in the U.S.
Approximately $5 million was raised under Regulation S to non-U.S. investors outside the United States.
Each Preferred Share is convertible into Class A ordinary shares at a conversion price of $2.40 per share, subject to adjustments.
Placement agents Dominari Securities LLC and Ocean Wall Limited received warrants to purchase Class A ordinary shares equal to 6% of the underlying shares.