Skyline Builders, Cove Kaz Capital terminate combination agreement
SKBL•Skyline Builders Group Holding and Cove Kaz Capital mutually terminated their business combination agreement. Cove Kaz plans a direct U.S. listing in the first half of 2027, while Skyline is set to receive 63,994,955 Cove Kaz shares valued at over $500 million and plans to distribute that value to shareholders.
1. Agreement terminated
Skyline Builders Group Holding and Cove Kaz Capital mutually terminated their business combination agreement, originally announced April 30, 2026. Cove Kaz plans to directly list its Class A common stock on a major U.S. exchange in the first half of 2027.
2. Share transfer and funding
Before the listing, Skyline will receive 63,994,955 Cove Kaz Class A shares through private transactions, including equity redemption and cancellation of convertible loans. Cove Kaz secured a $32 million capital commitment at $8 per share, implying a $1.97 billion equity valuation; the resulting 26% stake will be worth over $500 million. Skyline plans to distribute that value to shareholders before pursuing critical-minerals acquisitions.
