SINGAPORE, Oct. 09, 2024 (GLOBE NEWSWIRE) -- SKK Holdings Limited ("SKK" or the "Company") (NASDAQ:SKK), a civil engineering service provider that specializes in subsurface utility works in Singapore, today announced the closing of its previously announced initial public offering (the "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 ...
