SKK Holdings Limited Successfully Completes $10 Million IPO

SKK Holdings Limited has announced the successful completion of its initial public offering, during which it sold a total of 2,500,000 ordinary shares at a price of $4.00 per share, resulting in gross proceeds of $10 million before accounting for underwriting fees and expenses. The Company issued 1,750,000 ordinary shares, while existing shareholders sold 750,000 shares. The Company did not receive any funds from the sale of shares by the existing shareholders.

Trading for these shares commenced on the Nasdaq Capital Market on October 8, 2024, under the ticker symbol “SKK.” After deducting relevant discounts and expenses, the Company’s net proceeds from the offering were approximately $5.26 million. The funds raised will be allocated towards expanding and renewing the Company’s equipment and vehicle fleet, enhancing operational facilities, repaying debt, exploring additional business expansion opportunities, and maintaining general working capital.

Bancroft Capital, LLC served as the sole underwriter for the offering, while Troy Gould PC provided U.S. legal counsel to the Company, and Taft Stettinius & Hollister LLP acted as legal counsel to Bancroft Capital, LLC.

The offering was conducted in accordance with the Company’s registration statement on Form F-1, which was filed with the United States Securities and Exchange Commission and became effective on September 18, 2024. The offering details were provided through a prospectus that forms a part of the registration statement.

This announcement is for informational purposes only and