SKK Holdings Limited (Nasdaq: SKK) today announced the closing of its previously announced initial public offering of an aggregate 2,500,000 ordinary shares at a public offering price of $4.00 per share for total gross proceeds of $10.0 million, before deducting underwriting discounts and offering expenses. The Company sold 1,750,000 ordinary shares and selling shareholders sold an aggregate of 750,000 ordinary shares. The Company did not receive any proceeds from the sale of shares by the selling shareholders.
The shares began to trade on the Nasdaq Capital Market on October 8, 2024, under the ticker symbol “SKK.” The Company received aggregate net proceeds of approximately $5.26 million, after deducting discounts, expenses and expense allocations. Proceeds of the Offering will be used to expand and renew the Company’s fleet of equipment and vehicles, expand its operational facilities, for debt repayment, to explore other business expansion opportunities, and for general working capital.
Bancroft Capital, LLC acted as sole underwriter for the Offering. Troy Gould PC acted as U.S. legal counsel to the Company, and Taft Stettinius & Hollister LLP acted as U.S. legal counsel to Bancroft Capital, LLC.
The Offering was conducted pursuant to the Company’s registration statement on Form F-1 related to the Offering, as amended (File No. 333-276744), which was filed with the United States Securities and Exchange Commission (the “SEC”) and was declared effective on September 18, 2024. The Offering was made only by means of a prospectus forming a part of the registration statement. Copies of the final prospectus relating to the Offering may be obtained by visiting the SEC’s website located at https://www.sec.gov or by contacting Bancroft Capital, LLC, 501 Office Center Drive, Suite 130, Fort Washington, PA 19034, Attention: Jason Diamond or email: investmentbanking@bancroft4vets.com or by telephone at 484-546-8000.
This press release has been prepared for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.