Skyline Builders Group Holding Ltd (SKBL) Form 6-K — Nov 2, 2026
Skyline Builders Group (SKBL) and Cove Kaz Capital Group mutually terminated their April 2026 business combination agreement effective November 1, 2026, with mutual releases and covenants not to sue. Cove Kaz now plans to direct list its Class A stock on Nasdaq or the NYSE during 1H 2027, backed by a new $32 million private placement at $8.00 per share implying a ~$1.97 billion equity value. In lieu of the merger, Skyline will receive 63,994,955 Cove Kaz Class A shares — approximately 26% of CKCG pre-listing — via redemption of its Kaz Resources equity and cancellation of its $45.0 million convertible loan.
Key figures
- Debt Amount
- 45000000
- Gross Proceeds
- 32000000
- Offering Price
- 8
- Shares Offered
- 4000000
- Loan maturity
- 15 business days after termination of the Term Sheet
- Ckcg listing timing
- 1H 2027
- Skyline stake value
- over $500 million
- Ckcg shares to skyline
- 63994955
- Skyline loan disbursed
- $45.0 million convertible loan to CKCG
- Implied ckcg equity value
- $1.97 billion
- Ticker release deadline days
- 15
- Per share value of ckcg stake
- $3.40/share
- Skyline stake in ckcg percent
- 26
- Valuation uplift vs prior funding
- 76%
- Skyline shares outstanding fully diluted
- 147000000
AI analysis
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