GARLAND, Texas - Massimo Group (NASDAQ: MAMO), a Texas-based manufacturer and distributor of powersports vehicles and pontoon boats, has set the price for its initial public offering (IPO) at $4.50 per share. The company is offering 1.3 million shares, with the potential to raise gross proceeds of $5.85 million, before underwriting discounts and commissions and other offering expenses are accounted for.
The IPO is expected to close on April 4, 2024, subject to customary closing conditions. Starting today, Massimo's shares are trading on the Nasdaq Capital Market under the ticker symbol "MAMO". In addition, Massimo has provided underwriters a 45-day option to purchase up to an additional 195,000 shares at the public offering price, less underwriting discounts and commissions.
Craft Capital Management, LLC is serving as the sole book-running manager for the offering, with R.F. Lafferty & Co., Inc. acting as the co-underwriter.
Massimo intends to use the net proceeds from the offering for a variety of strategic initiatives. These include marketing and promotion of its branded products, further research and development with a focus on new products and electric vehicle-related technology, establishing new assembly and distribution operations, and expanding personnel recruitment. A portion of the proceeds will also be allocated as working capital.
The company, founded in 2009, has a portfolio that encompasses utility UTVs, recreational ATVs, mini-bikes, and pontoon and Tritoon boats. Massimo is also developing electric versions of UTVs, golf carts, and pontoon boats. The company operates a 286,000 square foot factory in Garland, Texas.
A registration statement for the securities has been filed with and became effective on March 26, 2024, by the U.S. Securities and Exchange Commission (SEC). The offering is made solely by means of a prospectus.
This news is based on a press release statement. The company cautions that this release contains forward-looking statements, which are subject to numerous conditions, many outside of Massimo's control. Interested parties are encouraged to read the prospectus and other documents filed with the SEC for more comprehensive information about the company and the offering.
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