Japan NK Investment K.K. entered into stock purchase agreement to acquire 36.26% stake in Sky Solar Holdings, Ltd. (NasdaqCM:SKYS) from SunPeak Universal Holdings, Inc., Flash Bright Power Ltd., Rihuaxing Limited and Bright Reality Investment Limited for $38 million on March 1, 2019. Under the terms, Japan NK Investment will pay per share price of $2.00 per ADS and a per share price of $0.25 per ordinary share. Prior to the execution of the agreement, the sellers shall have been paid a portion of the purchase price equal to the sum of $1.9 million, representing 5% of the price for the shares being sold by the sellers as initial payment into a bank account or accounts designated by the sellers on or prior to the execution of the agreement. Prior to the execution of the agreement on February 18, 2019, TC3 G.K., transferred ¥1.6 billion ($14.54 million) on behalf of Japan NK Investment K.K. to a bank account of Sky Solar Japan Co., Ltd. mutually agreed by the parties. Japan NK Investment K.K. shall transfer or cause to be transferred a portion of the consideration equal to $12.13 million ( “remaining ADSs consideration”) and a portion of the consideration equal to $9.35 million ( “ordinary share consideration”) as on or prior to the step 2 closing date, transfer or cause to be transferred the remaining ADSs consideration into the bank account or accounts notified to the purchaser by the sellers ( “step 2 payment”), on or prior to the step 3 closing date, transfer or cause to be transferred the ordinary shares consideration into the bank account or accounts notified to the purchaser by the sellers. Japan NK Investment K.K. acquiring 45 million ordinary shares and 13.3 million American depositary shares. It is currently anticipated that the purchase will be financed by way of capital contributions to Japan NK Investment K.K. from third parties and borrowings from Japan Revival Sponsor Fund III, LPS. The transaction is subject to parties shall have obtained any required approval or consent from any governmental authority (including any self-regulatory organization) or other third party, approval from the Board of Directors of SunPeak Universal Holdings, Inc., Flash Bright Power Ltd., Rihuaxing Limited and Bright Reality Investment Limited and TK Settlement Agreement remains in full effect. The transaction is expected to close on or prior to March 20, 2019. Long stop date for the transaction is April 15, 2019. Kenji Taneda and Ken Kiyota of Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisors to Japan NK Investment K. K. Chong Cao of Dentons, Shenyang Office acted as legal advisor to Flash Bright Power Ltd. Japan NK Investment K.K. completed the acquisition of 36.26% stake in Sky Solar Holdings, Ltd. (NasdaqCM:SKYS) from SunPeak Universal Holdings, Inc., Flash Bright Power Ltd., Rihuaxing Limited and Bright Reality Investment Limited on October 30, 2019.