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 payable by the company, are expected to be $5.85 million. In addition, the company has granted the underwriters a 45-day option from the closing of the offering 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 are expected to begin trading on the Nasdaq Capital Market on April 2, 2024, under the symbol “MAMO.”
Craft Capital Management, LLC is acting as sole book-running manager for the offering. R.F. Lafferty & Co., Inc. is acting as co-underwriter for the offering.
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.
