SINGAPORE, Nov. 25, 2025 (GLOBE NEWSWIRE) -- SKK Holdings Limited (“SKK Holdings”, “SKK” or the “Company”) (NASDAQ: SKK) will hold its 2025 Annual General Meeting of Shareholders (the “AGM”) at 27 First Lok Yang Road, Singapore 629735 at 10 a.m. (Singapore Time) on December 17, 2025 (which is 9 p.m. (Eastern StandardTime) on December 16, 2025). Holders of the Company’s ordinary shares listed in the register of members of the Company at the close of business on November 21, 2025 (Singapore Time) are entitled ...

Core Insights - SKK Holdings Limited has appointed Chaince Securities LLC as its strategic advisor to develop a comprehensive tokenization and digital asset treasury strategy [1][2] - The collaboration aims to integrate digital asset capabilities into SKK's business model, enhancing capital efficiency and investor engagement [2][4] - SKK's CEO expressed confidence that this strategy will accelerate growth and add value for shareholders [3] Company Overview - SKK Holdings Limited is a civil engineering service provider based in Singapore, specializing in subsurface utility works [1][6] - The company has over 10 years of experience in various public utility projects, including power and telecommunication cable laying, water pipeline works, and sewer rehabilitation [6] Strategic Partnership - Chaince Securities will advise SKK on structuring its digital asset treasury, capital market strategy, and exploring staking and validator node opportunities [2][4] - This partnership reflects Chaince's expertise in bridging traditional finance with the digital asset economy [5][7]

Core Insights - Chaince Securities has been engaged as a strategic advisor by SKK Holdings to enhance its digital asset capabilities and integrate them into its corporate strategy [1][2][4] Company Overview - Chaince Securities, a FINRA-registered broker-dealer, specializes in equity capital markets, investment banking, and innovative financial solutions, with a focus on supporting the transition to digital finance [5] - SKK Holdings, listed on Nasdaq, is a civil engineering services provider based in Singapore, focusing on subsurface utility works and infrastructure projects [6] Strategic Engagement - The advisory engagement will cover areas such as digital asset treasury structuring, capital markets strategy, staking and validator node opportunities, and strategic partnership development within the blockchain and Web3 ecosystem [2][3] - The collaboration aims to modernize SKK Holdings' balance sheet, improve liquidity management, and explore asset tokenization as a core strategic pillar [3] Industry Impact - The partnership reflects a broader trend of integrating digital asset capabilities into traditional corporate strategies, highlighting the evolving landscape of capital markets [4][3]

Core Points - SKK Holdings Limited has received a notification from Nasdaq regarding non-compliance with the minimum bid price requirement of $1 per share, with a compliance period that ended on October 13, 2025 [1] - The company has been granted an additional 180-day extension until April 13, 2026, to regain compliance with Nasdaq's listing requirements [2] - SKK Holdings is actively evaluating options to achieve compliance within the new extension period, although there is no guarantee of success [3] Company Overview - SKK Holdings Limited is a civil engineering service provider specializing in subsurface utility works in Singapore, with over 10 years of experience in public utility projects [4]

Financial Performance - Revenue from the top five key customers accounted for approximately 90.2%, 87.0%, and 85.9% of total revenue for the financial years ended December 31, 2024, 2023, and 2022, respectively [24]. - The top key customer represented approximately 42.9%, 26.9%, and 24.5% of total revenue for the same periods [24]. - Material costs, subcontracting costs, and project-related employee benefits totaled approximately $6.2 million for the financial year ended December 31, 2024, and $5.0 million for 2022 [30]. - As of December 31, 2024, the sales backlog was approximately $20.0 million, representing the total estimated contract value of works remaining to be completed [48]. - Delays in project completion can significantly impact revenue, operational cash flows, and financial performance due to fixed-price contracts [39]. - The company may incur additional costs if customers hire additional subcontractors to avoid delays, affecting financial performance [40]. - Revenue recognition is based on the percentage of completion method, which may not align with the value of works eventually certified by customers [38]. Compliance and Regulatory Risks - The company is subject to a compliance period until October 13, 2025, to regain compliance with Nasdaq's minimum bid price requirement of $1 per share [19]. - Changes in laws and regulations may lead to increased compliance costs, adversely affecting business operations and financial condition [31]. - The company has received a notice from Nasdaq indicating it has failed to maintain the minimum listing price of $1 per share [67]. - The company has until October 13, 2025, to regain compliance with Nasdaq's continued listing requirements [69]. - If the company does not regain compliance, it may be eligible for an additional 180 days, provided it meets other listing standards [69]. - The company is currently evaluating options to regain compliance but cannot assure that it will succeed [70]. - If delisted from Nasdaq, the company's shares may be quoted on an over-the-counter market, leading to reduced liquidity and increased trading restrictions [71]. - The company is permitted to adopt certain corporate governance practices under Cayman Islands law, which may provide less protection to shareholders compared to Nasdaq standards [89]. - The company is exempt from certain Nasdaq regulations, including having a majority of independent directors on its Board [90]. - The company is incorporated under Cayman Islands law, which may limit shareholders' rights and protections compared to U.S. companies [92]. - Shareholders have no general rights to inspect corporate records, making it difficult to obtain necessary information for shareholder resolutions [93]. - The company plans to rely on home country corporate governance practices, potentially affording shareholders less protection than U.S. domestic issuers [94]. - The Cayman Islands' recent economic substance legislation may impact the company, but it is currently anticipated to have little material effect [96]. - The company may lose its foreign private issuer status if more than 50% of voting securities are owned by U.S. residents, leading to increased compliance costs [102]. Market and Operational Risks - The company operates in a sector where economic growth, urbanization, and infrastructure investments significantly influence demand for civil engineering services [28]. - The company faces risks related to cost overruns due to inaccurate estimations of project costs and time, which could adversely affect profitability [23]. - Changes in government policies and economic conditions in Singapore could materially impact the company's business operations and financial performance [27]. - Over 85.0% of the workforce is comprised of foreign labor, and any restrictions on foreign labor supply could adversely affect operations and financial performance [32]. - The foreign worker levy (FWL) for basic skilled workers in the construction sector is set at S$700 per head, and any increase in FWL will raise operating expenses [33]. - The number of construction employees in Singapore declined at a compounded annual rate of approximately 1.6% from 2014 to 2019, and is expected to decline further at a rate of approximately 1.1% from 2020 to 2024 [52]. - As of December 31, 2024, the company employed 147 foreign employees, representing over 85.0% of the total workforce [52]. - The company relies on competitive tendering for all revenue, with no assurance of contract renewal or similar terms for future projects [54]. - Progress payments are typically received within 30 to 45 days after invoice presentation, with no guarantee of timely or full payment from customers [55]. - The occurrence of natural disasters or geopolitical events could adversely affect operations and financial performance [65]. Internal Control and Financial Management - The company has employed a full-time head of finance to enhance internal control over financial reporting in accordance with US GAAP [63]. - The company faces risks related to the maintenance of effective internal controls, which could impact financial reporting and investor confidence [62]. - The company may need additional capital in the future, with no assurance that financing will be available on acceptable terms [57]. - The company is exposed to interest rate risk from short-term bank loans, which are typically fixed for twelve months but subject to change upon renewal [351]. - Credit risk is managed through approvals, limits, and monitoring, with a focus on the probability of default by customers [352]. Currency and Translation Risks - The reporting currency is the U.S. dollar, while the local currency for operations is Singapore dollars [354]. - Almost all consolidated revenues and costs are denominated in Singapore dollars [354]. - Assets and liabilities in Singapore dollars are translated into U.S. dollars using the exchange rate on the balance sheet date [354]. - Revenues and expenses are translated at average rates prevailing during the financial year [354]. - Gains and losses from translation are recorded as a component of accumulated other comprehensive income [354]. - The company does not currently hedge against currency fluctuations with foreign subsidiaries [354]. Shareholder and Governance Issues - Ms. Liao controls 41.73% of the voting power of the company's Ordinary Shares, significantly influencing corporate decisions [88]. - The company is classified as an emerging growth company, allowing it to take advantage of reduced reporting requirements, including auditor attestation exemptions [98]. - As a foreign private issuer, the company is exempt from certain U.S. securities regulations, resulting in less extensive and timely information for investors [100]. - An active trading market for the company's Ordinary Shares may not be established, affecting liquidity and market price [66]. - The trading price of the company's shares may be highly volatile, potentially resulting in substantial losses for investors [74]. - The company may face significant adverse consequences if it is classified as a passive foreign investment company (PFIC), affecting U.S. taxpayers holding its securities [83].

Core Viewpoint - SKK Holdings Limited has received a notification from Nasdaq indicating that it no longer meets the minimum bid price requirement for continued listing, with a compliance period until October 13, 2025 to regain compliance [1][2][3]. Group 1: Compliance and Listing Requirements - The company has a compliance period of 180 calendar days to regain compliance with Nasdaq's continued listing requirement, specifically the minimum bid price of $1 per share [2]. - If the company fails to regain compliance within this period, it may be eligible for an additional 180 days if it meets other listing standards and provides written notice of its intention to cure the deficiency [2]. - The notification does not result in immediate delisting, and the company's shares will continue to trade under the symbol "SKK" [3]. Group 2: Company Overview - SKK Holdings Limited specializes in civil engineering services, particularly subsurface utility works in Singapore, with over 10 years of experience in public utility projects [4]. - The company focuses on planning, constructing, and maintaining various public works and infrastructure projects that serve societal and environmental needs [4].

Group 1 - Skims has acquired SKKN by Kim, marking its entry into the beauty sector with plans to launch cosmetics, skincare, and fragrance products by 2026 [1][2] - The acquisition allows Skims to leverage Kim Kardashian's name, image, and likeness in the beauty market, enhancing its brand strength and authority [2] - Skims was founded in 2019 and has rapidly become a leader in the global lingerie industry, with a valuation of $4 billion following a $270 million Series C funding round in 2023 [1][2] Group 2 - SKKN by Kim was launched in 2022, initially focusing on skincare before expanding into color cosmetics, with Kardashian holding 80% ownership prior to the acquisition [1][2] - Coty Group, which previously held a 20% stake in SKKN, has exited the partnership, transferring its shares to Skims [1] - The global beauty market is experiencing growth, with increasing consumer demand for personalized and high-quality beauty products, positioning Skims to capitalize on this trend [2]