SKYX Platforms Corp. has filed a Form 8-K with the SEC, detailing the completion of its merger with Deako, Inc. on October 13, 2026. This merger is significant as it transforms Deako into a wholly-owned subsidiary of SKYX, impacting both companies' future operations and market strategies.
SKYX Platforms Corp., based in Pompano Beach, Florida, specializes in electric lighting and wiring equipment. The company has undergone several name changes in the past, previously known as SQL Technologies Corp. and Safety Quick Lighting & Fans Corp. This merger marks a pivotal moment in its growth trajectory.
The SEC filing, identified by accession number 0001493152-26-046938, outlines several key components of the merger. The merger agreement, dated September 9, 2026, involved the issuance of 25 million shares of common stock, which are subject to a 12-month lock-up period. After this period, the shares will be released gradually, allowing for a structured transition for shareholders.
"At the Closing, the Company issued 25,000,000 shares of the Company’s common stock, no par value per share (the 'Merger Shares'), which are subject to a 12-month lock-up."
Following the merger, the ownership structure will see current shareholders of SKYX holding approximately 84.4% of the company, while Deako's former shareholders will own about 15.6%. This shift in ownership could lead to strategic changes in company operations and market focus.
The filing also mentions that the shares are held in escrow for Deako’s shareholders and certain senior lenders. The senior lenders have agreed to sell the shares according to a trading plan, which may influence the liquidity and trading dynamics of SKYX’s stock.
In addition to the stock issuance, SKYX Platforms Corp. has made cash payments totaling $4 million to the senior lenders, with $2 million paid at the time of the merger and another $2 million paid earlier. Furthermore, the company has issued a senior secured promissory note amounting to $8.5 million, which is secured by its personal property and carries an interest rate of 12% per annum.
The implications of this merger are broad. It may affect current and prospective investors, as the new ownership structure and financial obligations could influence the company's performance and strategic direction. Additionally, employees and customers of both companies may experience changes in operations and service delivery as the integration process unfolds.
Looking ahead, the filing does not specify what happens next regarding further filings or actions related to the merger. However, investors and stakeholders will likely be monitoring the company's performance closely as it integrates Deako into its operations.