SKYX Platforms Corp. [SKYX] - / Deako merger
SKYX Platforms Corp. has entered into a definitive merger agreement to acquire Deako, issuing 25,000,000 shares of common stock, with current shareholders of SKYX owning approximately 84.4% post-merger and Deako's former shareholders owning approximately 15.6%, alongside a $4,000,000 cash payment to Deako's senior lenders.
Why this matters
SKYX Platforms Corp., a Florida-based company in the electric lighting and wiring equipment industry, has entered into a definitive merger agreement to acquire Deako, Inc., a Delaware corporation. The merger will result in Deako becoming a wholly-owned subsidiary of SKYX. As part of the transaction, SKYX will issue 25,000,000 shares of common stock, with current SKYX shareholders owning approximately 84.4% of the company post-merger, while Deako's former shareholders will hold about 15.6%. Additionally, SKYX will make a $4,000,000 cash payment to Deako's senior lenders, with $2,000,000 paid prior to closing and the remaining $2,000,000 at closing. The merger shares issued are subject to a 12-month lock-up, with staggered releases over the following nine months.