The Massimo Group, a Garland-based manufacturer and distributor of powersports vehicles and pontoon boats, recently completed its initial public offering (IPO). On April 2, 2024, the company’s shares began trading on the Nasdaq Capital Market under the ticker symbol “MAMO.”
Massimo Group priced its initial public offering (IPO) at $4.50 per share, offering 1.3 million shares to the public. The company aimed to raise approximately $5.85 million in gross proceeds before deducting underwriting discounts, commissions, and other offering expenses. When the shares began trading on the stock market, they opened at $3.60 per share. Shares closed at $3.01.
According to a news release, Massimo has granted the underwriters a 45-day option from the offering’s closing to buy up to an additional 195,000 shares of common stock at the public offering price. The offering was originally expected to close on April 4.
In December 2023, Seeking Alpha said the company had filed to raise up to $25 million through an IPO.
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 said.
In the news release, Massimo said 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 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.
Massimo also plans to use a portion of the net proceeds from the offering as working capital.
Quincy Preston contributed to this report.
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