Sky Solar Holdings, Ltd. Issues Statement on Unusual Trading Activity




HONG KONG, Sept. 28, 2020 (GLOBE NEWSWIRE) -- Sky Solar Holdings, Ltd. (NASDAQ: SKYS) (“Sky Solar” or the “Company”), a global developer, owner and operator of solar parks, today issued a statement on recent unusual trading activity in the Company’s American depositary shares (the “ADSs,” each representing twenty of the Company’s ordinary shares, par value US$0.0001 each, the “Ordinary Shares”). As previously announced by the Company, the tender offer of Square Acquisition Co. to purchase all of the issued and outstanding Ordinary Shares, including all Ordinary Shares represented by ADSs, expired at 12:00 midnight, New York City time, at the end of the day on September 8, 2020. As of immediately prior to the expiration of the tender offer, the number of Ordinary Shares (including Ordinary Shares represented by ADSs) that had been validly tendered (and not validly withdrawn) satisfied the tender offer’s minimum condition and all other conditions to the tender offer were satisfied or waived. Promptly after the expiration date of the tender offer, Square Acquisition Co. accepted for payment all Ordinary Shares (including Ordinary Shares represented by ADSs) validly tendered (and not validly withdrawn) pursuant to the tender offer, and Ordinary Share and ADS holders whose Ordinary Shares and ADSs were accepted in the tender offer were paid $0.30 per Ordinary Share or $6.00 per ADS, less certain taxes and fees. Furthermore, the offeror group (the “Offeror Group”) for the tender offer, which includes Japan NK Investment K.K., IDG-Accel China Capital L.P., IDG-Accel China Capital Investors L.P., Jolmo Solar Capital Ltd., CES Holding Ltd., Jing Kang, Bin Shi, Sino-Century HX Investments Limited, Kai Ding, TCL Transportation Holdings Limited, Esteem Venture Investment Limited, Mamaya Investments Ltd, Xanadu Investment (H.K.) Limited, Abdullateef A. AL-Tammar, Development Holding Company Ltd., Bjoern Ludvig Ulfsson Nilsson, Square Acquisition Co. and Square Limited, stated that following the completion of the tender offer it intends to effect a merger with the Company and that at the effective time of the merger, each outstanding Ordinary Share (other than those held by Offeror Group) will be converted into the right to receive US$0.30 in cash per Ordinary Share, without interest and less any required withholding taxes, and each ADS issued and outstanding immediately prior to the effective time, together with the underlying Ordinary Shares represented by such ADS, shall be cancelled in exchange for the right to receive US$6.00 in cash per ADS without interest and less any ADS cancellation fees and other related fees and withholding taxes.

The merger has not yet been completed because, as previously announced by the Company, on August 28, 2020, the Company was informed that Hudson Capital Solar Infrastructure GP, LP, in its capacity as general partner of Hudson Solar Cayman LP, had filed a winding up petition in respect of Sky Solar (the “Winding Up Petition”) with the court in the Cayman Islands. Pursuant to the Companies Law (as amended) of the Cayman Islands, the merger cannot be consummated for so long as the Winding Up Petition remains outstanding, or if any order shall have been made or resolution adopted to wind up the Company (such proceedings, “Winding Up Proceedings”). The Offer Group has stated that it is monitoring the Winding Up Petition closely and intends to effect the merger as promptly as practicable once any Winding Up Proceedings are no longer outstanding or in effect. The Company currently cannot predict when or if the Winding Up Proceedings or any similar action will be resolved.

Despite the developments outlined above, the Company’s ADSs have recently traded substantially higher than $6.00. On Friday, September 25, 2020, the ADS traded on the NASDAQ Capital Market for prices as high as $12.48 and closed at $9.98; trading volume for the ADSs was substantially higher than recent average trading volume. The Company advises investors to carefully consider the Company’s disclosure before making any investment decision regarding the ADSs or the Ordinary Shares.








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