UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Month of October, 2019
Commission File Number: 001-36703
Sky Solar Holdings, Ltd.
(Registrants Name)
Unit 417, 4th Floor, Tower Two Lippo Centre
89 Queensway, Admiralty
Hong Kong Special Administrative Region
Peoples Republic of China
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F x Form 40-F o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b) (1): ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b) (7): ¨
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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Sky Solar Holdings, Ltd. | |
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By: |
/s/ Hao Wu |
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Name: |
Hao Wu |
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Title: |
Chairman and principal executive officer |
Date: October 23, 2019 |
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Sky Solar Holdings, Ltd. Announces ADS Ratio Change
HONG KONG, October 23, 2019 Sky Solar Holdings, Ltd. (NASDAQ: SKYS) (Sky Solar or the Company), a global developer, owner and operator of solar parks, today announced that it will change its American Depositary Share (ADS) to its ordinary share (Ordinary Share) ratio from one (1) ADS representing eight (8) Ordinary Shares (the ADS Ratio Change) to one (1) ADS representing twenty (20) Ordinary Shares. The Company anticipates that the ADS Ratio Change will be effective on November 8, 2019 (the Effective Date).
Following the Effective Date of the ADS Ratio Change, each ADS will represent twenty (20) Ordinary Shares. Holders of existing ADSs will be required to surrender their existing ADSs in exchange for new ADSs and will receive 0.4 new ADS for every 1 existing ADS surrendered to Citibank, N.A., the depositary of the Companys ADR facility (the Depositary). No fractional ADSs will be issued in connection with the ADS Ratio Change and cash-in-lieu of fractional entitlements to ADSs will be distributed at a rate based upon the net proceeds from the sale of the aggregate of the fractional new ADSs.
No action is required by the Companys ADS holders to effect the ADS Ratio Change. There will be no change to the Companys underlying Ordinary Shares.
About Sky Solar Holdings, Ltd.
Sky Solar is a global independent power producer (IPP) that develops, owns, and operates solar parks and generates revenue primarily by selling electricity. Since its inception, Sky Solar has focused on the downstream solar market and has developed projects in Asia, South America, Europe and North America. The Companys broad geographic reach and established presence across key solar markets are significant differentiators that provide global opportunities and mitigate country-specific risks. Sky Solar aims to establish operations in select geographies with highly attractive solar radiation, regulatory environments, power pricing, land availability, financial access and overall power market trends. As a result of its focus on the downstream photovoltaic segment, Sky Solar is technology agnostic and is able to customize its solar parks based on local environmental and regulatory requirements. As of December 31, 2018, the Company owned and operated 211.0 MW of solar parks.
Safe-Harbor Statement
This press release contains forward-looking statements. These statements constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as will, expects, anticipates, future, intends, plans, believes, estimates and similar statements. Among other things, the quotations from management in this press release and the Companys operations and business outlook contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These risks and uncertainties include, but are not limited to the following: the reduction, modification or elimination of government subsidies and economic incentives; global and local risks related to economic, regulatory, social and political uncertainties; resources we may need to familiarize ourselves with the regulatory regimes, business practices, governmental requirements and industry conditions as we enter into new markets; our ability to successfully implement our on-going strategic review to unlock shareholder value; global liquidity and the availability of additional funding options; the delay between making significant upfront investments in the Companys solar parks and receiving revenue; expansion of the Companys business in the U.S. and into China; risk associated with the Companys limited operating history, especially with large-scale IPP solar parks; risk associated with development or acquisition of additional attractive IPP solar parks to grow the Companys project portfolio; and competition. Further information regarding these and other risks is included in Sky Solars filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
For investor and media inquiries, please contact:
Sky Solar:
IR@skysolarholdings.com
Sky Solar Investor Relations:
The Blueshirt Group
US or Mandarin
Ralph Fong
+1 (415) 489-2195
ralph@blueshirtgroup.com
China
Gary Dvorchak, CFA
+86 (138) 1079-1480
gary@blueshirtgroup.com