Skycorp Solar Group, a manufacturer of solar cables and solar connectors, signed a share acquisition agreement to acquire the remaining 56% equity interest in Nanjing Cesun Power, a provider of turnkey solar project services.
Before the acquisition, the company held a 44% equity interest in Nanjing Cesun through its wholly owned subsidiary, PN Sunshine. After the transaction closes, Skycorp will hold and consolidate 100% of Nanjing Cesun.
Under the agreement, the aggregate consideration for the 56% stake is $20.19 million. The company will make the payment by issuing 7.98 million newly issued Skycorp ordinary shares, consisting of Class A and Class B shares. The issuance price was set at $2.529 per share, based on the arithmetic average of Skycorp’s daily closing prices on the Nasdaq Capital Market over the 10 trading days from April 17 to April 30, 2026.
The company said the transaction implies a 100% enterprise valuation of $36.06 million for Nanjing Cesun, supported by an independent valuation report prepared by an independent third-party valuation firm.
The sellers are Huang Weiqi and EZPower Limited. Huang directly holds a 20% stake in Nanjing Cesun and serves as Skycorp’s chief executive officer and director. EZPower Limited, a British Virgin Islands entity, holds the remaining 36% stake. The transaction remains subject to customary closing conditions.
Separately, Skycorp entered into securities purchase agreements with three unaffiliated institutional investors to raise $3 million in a private placement. The company will issue 1,694,000 Class A ordinary shares at $1.7703 per share. The company plans to use the net proceeds for general corporate purposes, including working capital, business development, and potential strategic transactions.
Skycorp said the purchase price represents a 30% discount to the 10-trading-day arithmetic average closing price of $2.529 per share from April 17 to April 30, 2026.
Hoping Group Limited subscribed for 593,000 Class A ordinary shares for $1.05 million. Matrix Sea Limited subscribed for 592,000 shares for $1.05 million. Hoping AI Machine Pte Ltd subscribed for 509,000 shares for $901,500.
According to Mercom’s recently released Q1 2026 Solar Funding and M&A report, M&A activity was 47% higher YoY in the first quarter of 2026, with 28 corporate M&A transactions compared to 19 in Q1 2025.
In 2025, Nextracker, a solar tracker and software solutions provider, announced the acquisition of Bentek Corporation, a provider of electrical balance-of-system solutions.
