Sky Technologies Announces Pricing of Upsized Initial Public Offering

Rhea-AI Summary

Sky Technologies has priced its upsized initial public offering (IPO) at $14.00 per share, raising approximately $23.1 million before expenses. The offering comprises 1,650,000 shares with an additional option for underwriters to purchase up to 247,500 shares. The offering price was increased from a preliminary range of $11.00 to $13.00. Shares are expected to trade on Nasdaq under the ticker SKYX starting February 10, 2022, with closing anticipated by February 14, 2022.

Positive

• Initial public offering priced at $14.00 per share, above initial estimates.
• Gross proceeds expected to be $23.1 million, enhancing liquidity for growth initiatives.

Negative

• Potential dilution of existing shares due to underwriters' option for additional shares.

MIAMI, FL / ACCESSWIRE / February 9, 2022 / SQL Technologies, Inc. ("Sky Technologies" NASDAQ Symbol "SKYX" "the Company" ), a highly disruptive platform product technology company enhancing safety and lifestyle in homes and buildings, today announced the pricing of its upsized initial public offering of 1,650,000 shares of its common stock at an initial public offering price of $14.00 per share. In addition, Sky Technologies granted the underwriters a 30-day option to purchase up to 247,500 additional shares of common stock at the initial public offering price, less underwriting discounts, and commissions, to cover over-allotments, if any.

The offering price was increased from a preliminary range of $11.00 to $13.00 to a price of $14.00 per share.

The shares of common stock are expected to begin trading on the Nasdaq Stock Market on February 10, 2022, under the ticker symbol "SKYX". The offering is expected to close on February 14, 2022, subject to customary closing conditions.

The gross proceeds from the offering to Sky Technologies, before deducting underwriting discounts and commissions and other offering expenses payable by Sky Technologies, are expected to be $23.1 million, excluding any exercise of the underwriters' option to purchase additional shares.

The Benchmark Company is serving as sole book-running manager for the offering.

A registration statement relating to the shares being sold in this offering was declared effective by the U.S. Securities and Exchange Commission on February 9, 2022. The offering is being made only by means of a prospectus. A copy of the prospectus relating to the offering may be obtained for free on the SEC's website located at http://www.sec.gov. Electronic copies of the prospectus relating to this offering, when available, may be obtained by contacting The Benchmark Company, Attn: Prospectus Department, 150 E. 58th Street, 17th floor, New York, NY 10155 or by calling 212-312-6700 or by emailing prospectus@benchmarkcompany.com.

All investments involve risk and loss of principal is possible.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy 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.

About Sky Technologies

As electricity is a standard in every home and building, our mission is to make homes and buildings become safe-advanced and smart as the standard.

Sky Technologies has a series of highly disruptive advanced-safe-smart platform technologies, with over 60 U.S. and global patents and patent pending applications. Our technologies place an emphasis on high quality and ease of use, while significantly enhancing both safety and lifestyle in homes and buildings. We believe that our products are a necessity in every room in both homes and other buildings in the U.S. and globally.

Cautionary Statement Concerning Forward-Looking Statements

Certain statements contained in this press release constitute forward-looking statements, including with respect to the proposed initial public offering. Management has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While they believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond management's control. These statements involve risks and uncertainties that may cause the Company's actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

Investor Contact:
Brian M. Prenoveau, CFA
MZ North America
561-489-5315
SKYX@mzgroup.us

SOURCE: SQL Technologies, Inc. dba Sky Technologies

View source version on accesswire.com:
https://www.accesswire.com/688175/Sky-Technologies-Announces-Pricing-of-Upsized-Initial-Public-Offering

FAQ

What is the IPO price for Sky Technologies?

Sky Technologies has set its IPO price at $14.00 per share.

How many shares are being offered in Sky Technologies' IPO?

A total of 1,650,000 shares are being offered in the initial public offering.

When will Sky Technologies start trading on Nasdaq?

Shares of Sky Technologies are expected to begin trading on Nasdaq on February 10, 2022.

What are the expected proceeds from the Sky Technologies IPO?

The expected gross proceeds from the IPO are approximately $23.1 million.

Is there any risk of share dilution in the Sky Technologies IPO?

Yes, there is a potential for share dilution due to the underwriters' option to purchase additional shares.