Kaimon CECEP Solar Energy (PN.US) lowers IPO size by 26% plans to raise $9 million.

Ningbo Skycorp CECEP Solar Energy Co., Ltd., a holding company from Zhejiang Ningbo, announced on Thursday that it will be lowering the size of its upcoming IPO. The company's controlling shareholder, Skycorp Solar Group Limited (referred to as "Skycorp CECEP Solar Energy" with stock code: PN.US), currently plans to raise $9 million by issuing 2 million shares of stock at a price range of $4 to $5 per share. Previously, the company had planned to issue 2.7 million shares with the price range remaining the same. Based on the median price range, the fundraising amount for this IPO has been reduced by 26% from the previous plan. The main sources of revenue for Skycorp CECEP Solar Energy include the production and sale of photovoltaic products, such as CECEP Solar Energy cables and connectors, as well as the sale of high-performance computing products. The company aims to become a provider of green energy solutions, utilizing CECEP Solar Energy to power data centers and offering environmentally friendly photovoltaic products. Founded in 2011, Skycorp CECEP Solar Energy recorded $50 million in revenue in the past 12 months as of September 30, 2024. The IPO is planned to be listed on the NASDAQ, with Cathay Securities serving as the exclusive underwriter. The company's mission is to drive industry transformation through green energy technology and to provide sustainable energy solutions for data centers. Its photovoltaic technology and high-performance computing products have broad market prospects, attracting the attention of investors.