Skycorp Solar Up 80% on Acquisition, PIPE

Skycorp Solar shares surged 80% after announcing acquisition of remaining 56% of Nanjing Cesun for $20.2 million.
The deal values Nanjing Cesun at $36.06 million and will be paid via 7.983 million new shares at $2.529 each.
Simultaneously, Skycorp raised $3 million through a PIPE, issuing 1.694 million shares at $1.7703 each, a 30% discount.
Proceeds will fund general corporate purposes, working capital, and business development.