SKK Holdings Acquires Rantizo Drone Assets for $258.8 Million
SKK Holdings Limited announced that it has entered into a definitive asset purchase agreement with Rantizo, a Delaware corporation headquartered in Houston, Texas, under which SKK Holdings will acquire substantially all of Rantizo's drone-assets used in agricultural spraying, seeding, and monitoring for agriculture, forestry emergency response, and commercial applications. The Acquired Assets will be acquired in exchange for newly issued Class A ordinary shares of SKK Holdings. Concurrently with the signing of the Asset Purchase Agreement, certain existing SKK Holdings shareholders have entered into a Securities Purchase Agreement with Rantizo pursuant to which Rantizo will acquire Class B ordinary shares held by those shareholders for aggregate cash consideration of $8M, giving Rantizo an immediate equity position in the company. The Company has also agreed to grant certain individuals in management a total number of Class A shares having an aggregate grant-date value of $12,000,000 based on the VWAP on each of the three trading days prior to closing. The Asset Purchase Agreement and the Securities Purchase Agreement are expected to close concurrently, subject to SKK Holdings shareholder approval, Nasdaq approval, the effectiveness of applicable regulatory clearances, and other customary closing conditions. The boards of directors of Rantizo and the Company each unanimously approved the Asset Purchase Agreement, the Securities Purchase Agreement and related transactions. Upon closing, SKK Holdings will operate a platform combining drone technology and commercial infrastructure across precision agriculture, forestry emergency response, and broader commercial end markets. The Acquired Assets are being acquired at a $258.8M valuation.
