SKK Holdings has completed a $258.8 million acquisition. Going in, the market valued SKK at about $12M.
Read the ownership line before the price. Rantizo, the company that sold the drone assets, now owns approximately 87% of the combined entity. The feed doesn't split cash from shares. The ownership line is the part it does show, and a $12M company doesn't usually cover a $258.8M bill from the till.
The release landed at 4:45 PM ET. SKK becomes Rantizo and trades as RNTZ starting October 13. $SKK is -12.34% after hours.
The listed company bought the drones. The drone owner ended up with the company. Legacy SKK holders went from 100% of SKK to roughly 13% of a drone platform. That trade may be fine or terrible. It is a different holding than it was at 4:44.
Friday's #VIVK was a non-binding letter, and it opened at 7.01 and closed at 3.80 that session. This one isn't a letter. It closed, and the cap table is the receipt.