Massimo Group launches $5.85 million IPO
Massimo Group, a manufacturer and distributor of powersports vehicles and pontoon boats, announced the pricing of its initial public offering of 1,300,000 shares of its common stock at a price of $4.50 per share.
The gross proceeds to Massimo from the offering, before deducting underwriting discounts and commissions and other offering expenses, are expected to be $5.85 million. In addition, the company has granted the underwriters a 45-day option from the closing of the IPO to purchase up to an additional 195,000 shares of common stock at the public offering price, less underwriting discounts and commissions.
The offering is expected to close on April 4, 2024, subject to the satisfaction of customary closing conditions. The shares will begin trading on the Nasdaq Capital Market on April 2, 2024, under the symbol “MAMO.”
The company expects to use the net proceeds from the sale of the shares for marketing and promotion of its branded products to expand its business; further research and development activities, which are expected to include efforts to develop new products and new electric vehicle-related technology; establish new assembly and distribution operations; and expand recruitment of personnel. The company also plans to use a portion of the net proceeds from the offering as working capital.
A registration statement relating to the securities being sold in this offering has been filed with the U.S. Securities and Exchange Commission (SEC) and became effective on March 26, 2024. A copy of the registration statement can be accessed through the SEC’s website at www.sec.gov.
When available, a copy of the final prospectus relating to this offering may be obtained from: Craft Capital Management, LLC, 377 Oak St., Lower Concourse Garden City, NY 11530, by telephone: 516-833-1325, or by email at: SKiront@craftcm.com, or from: R. F. Lafferty & Co., Inc., 40 Wall Street, 27th Floor, New York, NY 10005, by telephone: 212-293-9015, or by email at: Offerings@rflafferty.com.
Massimo’s 286,000-square-foot factory is in the heart of the Dallas-Fort Worth area of Texas, in the city of Garland.
