Massimo Group, the manufacturer and distributor of powersports vehicles and pontoon boats, closed on the initial public offering (IPO) of 1,300,000 shares of its common stock at an IPO price of $4.50 per share.
Before deducting underwriting discounts, commissions, and other offering expenses payable by Massimo, the aggregate gross proceeds from the offering were approximately $5.85 million.
Massimo’s common stock began trading on the Nasdaq Capital Market under the MAMO ticker symbol on April 2, 2024.
The company reported it 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 will include efforts to develop new products and new electric vehicle-related technology; establishing new assembly and distribution operations; expanding recruitment of personnel; and using a portion of the net proceeds from the offering as working capital.
Craft Capital Management, LLC acted as the sole book-running manager for the offering. R.F. Lafferty & Co., Inc. acted as the co-underwriter for the offering.
A registration statement relating to the securities sold in this offering was filed with the SEC and became effective on March 26, 2024. A copy of the registration statement can be accessed through the SEC’s website at sec.gov.
Image courtesy Massimo Group
