SKYX Platforms (SKYX: NASDAQ) announced that it has launched a deal with the architectural supply company Material Bank. According to a press release, SKYX is anticipating that this deal with facilitate its expansion in the market, especially since Material Bank has locations spread nationally and internationally. The press release reports that Material Bank serves a wide audience from architects to builders by supplying them with home goods.
"Such breakthrough products/technology, which end up becoming part of all our everyday lives, don't come around that often."
The Executive Chairman of SKYX Platforms, Rani Kohen, said of the deal, "we are thrilled for the opportunity to partner with Material Bank. This agreement will continue to enhance our market penetration and is a key initiative in establishing SKYX as the new standard for safe, advanced lighting and smart home installations, for both residential and commercial segments."
This deal is coming in on the heals of several other major milestones for SKYX, including, according to the press release, the listing of its products on a network of 64 e-commerce websites, and its recognition by the American Institute of Architects (AIA).
According to Steve Schmidt, the President of SKYX, "this is another strategic step for enhancing our market penetration. Accelerating our market penetration with our smart plug and play products is key, as we expect it to result in future recurring revenues from smart and standard fixture replacements- as well as from future potential monitoring and subscriptions through our smart products."
The Housing Market Trending Slightly Up
According to Yahoo Finance, the housing market may be back on the upswing after a steady decline. The article reports that Vinay Viswanathan, a strategist with Goldman Sachs, commented "we are revising our home price forecasts higher, to 1.8% for full-year 2023 vs. -2.2% prior, and 3.5% in 2024 vs. 2.8% prior."
Previously this year in June, Market Watch reported that the housing market fell by 8%, a notable retreat in a year when housing prices have remained prohibitively high for many prospective homeowners.
Increasingly Attractive Stock
Technical analyst Clive Maund commented on the performance of SKYX's stocks. Maund commented that "the stock is looking increasingly attractive here after its rather severe decline of the past couple of months has brought it back into a zone of strong support," though he does not comment on how he would rate it.
SKYX's investment presentation reports that it has made significant developments in the past 8 months. In Q3 of 2022, it received approvals from the American National Standardization Institute (ANSI) and the National Electrical Manufacturing Association (NEMA). In Q4 of 2022, according to the presentation, the American Institute of Architects (AIA), decided to include the company's products in its annual license renewal program. In the beginning of 2023, the company reports that its acquired an interior décor shopping website.
Chris Temple of The National Investor commented on some of these developments within the company. He said, "such breakthrough products/technology, which end up becoming part of all our everyday lives, don't come around that often."
Ownership and Share Structure
Streetwise Ownership Overview*Reuters has provided a breakdown of the ownership and share structure of the company. According to Reuters, management and insiders own 22.22% of the company. Dov Shiff owns 16.33% with 15.00 million shares, Steven Siegelaub owns 3.50% with 3.21 million shares, John P. Campi owns 1.30% with 1.20 million shares, and Thomas J. Ridge owns 1.09% with 1.00 million shares.
Reuters reports that institutions own 29.05% of the company. KRNB Holdings, LLC, owns 9.96% with 9.14 million shares, Motek 7 SQL, LLC, owns 6.66% with 6.12 million shares, Strul Associates LP owns 6.00% with 5.51 million shares, BlackRock Institutional Trust Company, NA, owns 3.03% with 2.78 million shares, The Vanguard Group, Inc., owns 2.33% with 2.14 million shares, and Geode Capital Management, LLC, owns 1.07% with 0.98 million shares.
According to Reuters, there are 91.85 million shares outstanding, with 49.4 million free float traded shares. The company has a market cap of CA$155.23 million. It trades in the 52 week period between CA$1.54 and CA$4.28.
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