SKYX Announces Closing of Merger with Leading AI Smart Home Technology Company Deako

SKYX Announces Closing of Merger with Leading AI Smart Home Technology Company Deako, Positioning the Combined Company to Become a Leader in the AI Smart Home Market

Combined Companies Have an Estimated Pipeline Exceeding 4 Million Units, with an Expected Average Selling Price of Approximately $50 per Product

Deako is a Leading Technology Supplier to Over 50 U.S. Home Builders Including D.R. Horton and Toll Brothers, Among Others

MIAMI, Oct. 14, 2026 (GLOBE NEWSWIRE) -- SKYX Platforms Corp. (NASDAQ: SKYX) (d/b/a SKYX Technologies) (the “Company” or “SKYX”), an award-winning, highly disruptive advanced safe-smart home and AI platform technology company with over 120 U.S. and global pending and issued patents, with a mission to make homes and buildings advanced, safe and smart instantly as the new standard, today announced the closing of its merger with Deako, Inc., a Silicon Valley-backed U.S. smart home technology company. The combined company aims to lead the AI smart home, builder and hotel markets with its plug & play smart home and AI platform technologies.

Merger Highlights and Economics

• Post merger, current SKYX's shareholders own 84.4% of the Company and Deako's shareholders and lender collectively own 15.6%.
• Deako's Lead Investors include Paul Jacobs, former Chairman and CEO of Qualcomm; Deako's Former Board Member Marwan Fawaz was the former CEO of Nest (Google).
• The combined SKYX and Deako pipeline is estimated at over 4 million units with an expected average selling price of approximately $50 per product.
• Synergies between SKYX and Deako are expected to save over $6 million in overlapping annual expenses.
• SKYX's full product line is expected to create an opportunity to increase Deako's revenue per home by up to five-fold.
• Deako has recently extended it supply agreement with leading builders D.R. Horton and Stone Martin.
• Deako has shipped over 32 million units, including its smart plug-in wall switches, and generated over $26 million in revenue in 2025.
• The SKYX Deako combined estimated expense reduction of over $6 million annually is expected to move Deako into profitability as well as support SKYX's goal of becoming cash flow positive. 
• SKYX Deako merger is expected to provide future recurring revenue opportunities from plug & play product interchangeability, AI services, monitoring, subscriptions, licensing, among others.
• Deako is a leading technology supplier to the builder market, and its customers include over 50 U.S. home builders, including D.R. Horton, Toll Brothers, Risewell Homes, Adams Homes, Maronda Homes, Shea Homes and Schumacher Homes, among others.
• Deako, Inc. is a smart home and intelligent lighting company with 20 U.S. and global issued and pending patents for plug & play smart and AI-activated lighting wall switches. 
• The merger expands SKYX's collective patent portfolio to over 120 patents and pending applications related to platforms, smart home, AI and plug & play products.
• The merger between SKYX and Deako will enable SKYX to offer an A-to-Z AI and smart home plug & play solution for homes and buildings including wall outlets, wall switches and ceiling outlet boxes for smart home and safety products, lighting, ceiling fans, smoke detectors, among others.
• Most smart home solutions today require time-consuming and costly wired installation and address only part of the A-to-Z opportunity, while the combined company aims to offer a complete A-to-Z AI and plug & play smart home solution.
• The merger is expected to fast-track SKYX's technologies and products into Deako's builder footprint of over 50 U.S. home builders, including those named above.
• The merger opens the door for Deako's products in SKYX projects, including Marriott and European hotels and Miami's $4 billion Smart City.
• The merger is expected to provide deployment opportunities of millions of combined products into the builder, hotel and pro markets, and future recurring revenue opportunities from plug & play product interchangeability, AI services, monitoring, subscriptions, licensing, among others.
• As consideration for the merger, SKYX issued 25,000,000 shares of common stock, subject to a 21-month lock-up and leak-out agreement, with a 12-month full lock-up, followed by quarterly releases after 12 months, 15 months, 18 months, and 21 months after the closing, with share sales subject to a Rule 10b5-1 trading plan. Post merger, current SKYX's shareholders own 84.4% of the Company and Deako's shareholders and lender collectively own 15.6%.
• SKYX paid Deako's senior lender $2M at signing on September 9, 2026, and $2M at closing, and issued an $8.5M secured promissory note, with $2.25M payable in Q1 2027 and the remaining $6.25M payable in Q4 2027.
• Based on its safety features, SKYX's plug & play ceiling outlet receptacle system has in recent years received approval votes from leading U.S. building safety standards organizations including 10 segments in the NFPA-NEC code book (National Fire Protection Association / National Electrical Code) and its specifications received an approval vote as an ANSI/NEMA standard.

Rani Kohen, Founder and Executive Chairman of SKYX Platforms, said: “The close of the SKYX Deako merger is a major step forward in our mission to make advanced, safe, smart homes and buildings the new standard. Combining our complementary technologies, extensive patent portfolios, and established market relationships, we believe we are creating the most comprehensive A to Z smart home and AI platform in the industry. Importantly, Deako's track record with 50 prominent U.S. builders provides an opportunity to significantly accelerate SKYX's builder market penetration, creating a meaningful long-term value for our shareholders.”

Derek Richardson, Founder and CEO of Deako, Inc., stated: “We are excited for the official closing of the SKYX Deako merger.  In Deako, we bring a consistent business track record with more than 50 U.S. home builders and over 32 million units shipped, and SKYX brings a broad patent technology portfolio of plug & play and smart home and AI platforms, complemented by its growing market penetration into the hotel and builder segments. Together, we see a significant opportunity to increase revenue per home by as much as five-fold and to create long-term value for SKYX shareholders.”

For more information about Deako: Click Here

For a video demo of SKYX's technologies: Click Here

About SKYX Platforms Corp.

As electricity is a standard in every home and building, our mission is to make homes and buildings safe, advanced and smart as the new standard. SKYX has a series of highly disruptive advanced, safe, smart and AI platform technologies, with over 120 U.S. and global patents and patent pending applications. Additionally, the Company owns 60 lighting and home décor websites for both retail and commercial segments. Our technologies place an emphasis on high quality and ease of use, while significantly enhancing both safety and lifestyle in homes and buildings. We believe that our products are a necessity in every room in both homes and other buildings in the U.S. and globally. For more information, please visit our website at https://www.skyx.com/ or follow us on LinkedIn.

Forward-Looking Statements

Certain statements made in this press release are not based on historical facts but are forward-looking statements. These statements can be identified by the use of forward-looking terminology such as “aim,” “anticipate,” “believe,” “can,” “could,” “continue,” “estimate,” “expect,” “evaluate,” “forecast,” “guidance,” “intend,” “likely,” “may,” “might,” “objective,” “ongoing,” “outlook,” “plan,” “potential,” “predict,” “probable,” “project,” “seek,” “should,” “target” “view,” “will,” or “would,” or the negative thereof or other variations thereon or comparable terminology, although not all forward-looking statements contain these words. These statements reflect the Company's reasonable judgment with respect to future events and are subject to risks, uncertainties and other factors, many of which have outcomes difficult to predict and may be outside our control, that could cause actual results or outcomes to differ materially from those in the forward-looking statements. Such risks and statements include, but are not limited to, risks relating to the merger, including risks arising from the diversion of management's attention from the Company's ongoing business operations, an increase in the amount of costs, fees and expenses and other charges related to the merger agreement or the merger, the outcome of any litigation that the Company or Deako may become subject to relating to the merger, the extent of, and the time necessary to obtain, any regulatory approvals that may be required, risks of disruption to the Company's business as a result of the public announcement of the merger, the occurrence of any event, change or other circumstance that could give rise to the termination of agreements relating to the merger, including due to a failure of any condition to the of the merger to be satisfied or waived by the applicable party, a decline in the market price for the Company's common stock, risks that the merger disrupts current plans and operations of the Company or Deako and potential difficulties in Company or Deako employee retention as a result of the merger, the Company's ability to pay the interest and principal on the promissory notes to be issued in connection with the merger, and the ability to implement business plans, forecasts and other expectations after the completion of the merger, realize the intended benefits of the merger, and identify and realize additional opportunities following the merger. Such risks and uncertainties also include statements relating to the Company's ability to successfully launch, commercialize, develop additional features and achieve market acceptance of its products and technologies and integrate its products and technologies with third-party platforms or technologies; the Company's ability to expand its market presence and control the market following the merger with Deako; the Company's ability to achieve positive cash flows; the Company's efforts and ability to drive the adoption of its products and technologies as a standard feature, including their use in homes, hotels, offices and cruise ships; the Company's ability to capture market share; the Company's estimates of its potential addressable market and demand for its products and technologies; the Company's ability to raise additional capital to support its operations as needed, which may not be available on acceptable terms or at all; the Company's ability to continue as a going concern; the Company's ability to execute on any sales and licensing or other strategic opportunities; the possibility that any of the Company's products will become National Electrical Code (NEC)-code or otherwise code mandatory in any jurisdiction, or that any of the Company's current or future products or technologies will be adopted by any state, country, or municipality, within any specific timeframe or at all; risks arising from mergers, acquisitions, joint ventures and other collaborations; the Company's ability to attract and retain key executives and qualified personnel; guidance provided by management, which may differ from the Company's actual operating results; the potential impact of unstable market and economic conditions on the Company's business, financial condition, and stock price; and other risks and uncertainties described in the Company's filings with the Securities and Exchange Commission, including its periodic reports on Form 10-K and Form 10-Q. There can be no assurance as to any of the foregoing matters. Any forward-looking statement speaks only as of the date of this press release, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by U.S. federal securities laws. 

Investor Relations Contacts:

Jeff Ramson
PCG Advisory
jramson@pcgadvisory.com

Ronald A. Both
Encore Investor Relations
rb@encore-ir.com            

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/de71691f-a0b8-4eb9-bdf8-2b36459d8f07