SKYX Platforms Corp. (SKYX:NASDAQ) has announced that it has been issued five more patents. Two weeks ago, the company was issued three patents, and, according to a recent press release form the company, this “brings the company’s intellectual property portfolio to a total of 77 issued and pending patents, 23 of which are issued patents covering SKYX’s advanced and smart technologies.”
According to the company, it also submitted a file for its ceiling outlet receptacle with the National Electric Code (NEC). The company reports that this involved two major figures in electrics and lighting, Mark Early, who was the head of the NEC, and Eric Jacobson, who was the President and CEO of the American Lighting Association (ALA). SKYX also reported that it included supporting data about electrical and lighting safety with its filing. According to SKYX, “SKYX’s code team and management strongly believe that it has met the necessary safety conditions and has significant data for a compelling case for its ceiling outlet receptacle to become a mandatory safety standardization for ceilings in homes and buildings.”
A Growing Market
Grand View Research estimated that the market for lighting fixture manufacturing will grow in worth by 4.5% from US$99.36 billion in 2019. Grand View Research identifies several drivers of the market, including a desire for newer, safer, more efficient lighting, and smart home technology.
A Ground-Floor Opportunity
Chris Temple of the National Investor reviewed the company positively due to its potential to become a fixture of modern homes. According to Temple, “such breakthrough products/technology, which end up becoming part of all our everyday lives, don’t come around that often,” and that “SKYX’s story is one of those that will be on everyone’s lips not many years hence, and this remains very much a ground-floor opportunity to be a part of it as an investor.”
According to SKYX’s investor presentation, there have been several recent developments in the company’s favor. It reports that in Q2 of 2023, it took control of an e-commerce platform with 64 different websites under its umbrella, and the company was joined by several notable persons, including Al Weiss, formerly of Disney, Eric Jacobson, formerly of the American Lighting Association, and Khadija Mustafa, formerly of Microsoft.
Ownership and Share Structure
Streetwise Ownership Overview*Reuters provided a breakdown of the ownership and share structure, where management and insiders own 22.22% of the company. According to Reuters, board member Dov Shiff owns 16.33% with 15.00 million shares, Steven Siegelaub owns 3.50% with 3.21 million shares, CEO John P. Campi owns 1.30% with 1.20 million shares, and governor and director Thomas J. Ridge owns 1.09% with 1.00 million shares.
According to Reuters, institutions own 29.05%. According to Reuters, 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.
Reuters reports that there are 91.85 million shares outstanding, and 49.01 million free float traded shares. According to Reuters, the company has a market cap of CA$113.44, and trades in the 52 week period between CA$1.20 and CA$4.17.
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Important Disclosures:
- SKYX Platforms Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000.
- Amanda Duvall wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
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