Skyline Builders launches $17.775 million private placement

* Skyline Builders Group (NASDAQ:SKBL [https://seekingalpha.com/symbol/SKBL]) has signed a securities purchase agreement to issue up to 24.35M Class A shares and/or prefunded warrants at $0.73 per share, along with warrants A and B to buy up to 24.35M shares each, in a brokered private placement.
* The deal is expected to raise about $17.8M in gross proceeds before fees and expenses.
* The company shall use about $7M from the proceeds to retire the 18.5M Class A ordinary shares of the company owned by Supreme Development. The company shall use the remaining proceeds for general working capital and other general corporate purposes. The company intends to use the proceeds from the offering for working capital and general corporate purposes.
* SKBL +15.61% premarket to $0.622.
* Source: Press Release [https://seekingalpha.com/pr/20213136-skyline-builders-group-holding-ltd-announces-17_775-million-private-placement]

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