NEW YORK, May 21, 2026, 14:05 (EDT)
• SKK slipped about 1.8% to $4.03 by the Nasdaq close.
• The company launched an at-the-market program to sell as much as $5.54 million of Class A ordinary shares.
• Investors sizing up the dilution risk, while SKK eyes drone agriculture and emergency-response tech.
SKK Holdings Limited shares traded lower Thursday afternoon, dropping around 1.8% as traders reacted to a new share-sale plan. The Singapore-based company is making a bigger move into drone assets. The stock last changed hands at $4.03 at 2:02 p.m. Eastern, down from Wednesday’s close at $4.10.
SKK is pushing to shift its focus. The Nasdaq-listed Singapore civil engineering contractor is looking to get into drone-based services like agriculture, forestry and emergency response with the Rantizo deal. Up to now, it’s been a small player in construction, but the company wants to change that story quickly.
Nasdaq held its regular session Thursday. Normal hours are 9:30 a.m. to 4:00 p.m. Eastern. The next scheduled market holiday in 2026 is Memorial Day, which falls on Monday, May 25.
SKK said in a filing dated May 18 that it struck a sales deal with A.G.P./Alliance Global Partners, letting it sell Class A ordinary shares as it chooses. The at-the-market, or ATM, setup allows SKK to sell shares at current market prices as trades happen, not as one lump sale.
A new prospectus supplement says the program allows for up to $5,540,009 in Class A ordinary shares. A.G.P. can get as much as 3.0% of gross sales in commission. Shares could be sold on Nasdaq or through other approved U.S. channels.
SKK said it doesn’t have to sell shares as part of the agreement. If it does, the company said it would use any net proceeds for working capital or general corporate needs, a catch-all for regular funding, costs, and other business uses.
SKK’s new funding tool comes after it struck a deal on May 1 to acquire almost all of Rantizo Inc.’s drone technology assets. The deal has SKK paying $759,047 in cash, plus about $258.8 million in new Class A shares. The share total is tied to VWAP, or volume-weighted average price, which takes into account the trading price and how much stock trades at each price.
Sze Koon Kiat, chief executive, said the Rantizo assets are a “differentiated platform.” Incoming president Marianne McInerney said the next two years will be a “decisive window” for commercial drone operators. Both positioned the deal as a move away from utility infrastructure and toward unmanned aircraft. GlobeNewswire
The competitive read was uneven. Drone-related U.S. stocks traded in both directions Thursday: Ondas Holdings dropped roughly 2.1%, AgEagle Aerial Systems added around 0.6%, and Red Cat Holdings climbed 1.0%.
Stocks lost ground Thursday as traders watched oil move higher and fretted about inflation. The Nasdaq fell in afternoon action. The overall U.S. market also pulled back as risk appetite took a hit.
The risk for current holders is dilution if SKK moves shares through the ATM. The Rantizo deal hasn’t closed yet, needing shareholder and Nasdaq sign-off plus regulatory approvals and other conditions. SKK is also stretching its business, taking on drone tech that’s well outside its utility construction background.
At the moment, the stock isn’t acting like a stable infrastructure play—trading is thin and the action looks more like a deal name. That has risks and upside. New filings and any meeting documents tied to the Rantizo deal are likely to matter more than the price swings seen on Thursday.
