SolarMax Technology, Inc. ("SolarMax" or the "Company") (Nasdaq SMXT), an integrated solar energy company, today announced the pricing of its initial public offering of common stock for gross proceeds of $18 million, prior to deducting the underwriting discounts, commissions and offering expenses payable by the Company. The initial public offering is comprised of 4,500,000 shares of common stock, priced at a public offering price of $4.00 per share. In addition, SolarMax has granted the underwriters a 45-day option to purchase an additional 675,000 shares of common stock at the initial public offering price, less underwriting discounts and commissions, to cover over-allotments.
The shares are expected to begin trading on the Nasdaq Global Market on February 27, 2024 under the ticker symbol "SMXT." The closing of the public offering is expected to take place on or about February 29, 2024, subject to the satisfaction or waiver of customary closing conditions.
Kingswood, a division of Kingswood Capital Partners, LLC ("Kingswood"), is acting as sole bookrunner for the offering.
A registration statement on Form S-1 (File No. 333-266206) relating to the offering has been filed with the U.S. Securities and Exchange Commission (the "SEC"), which was declared effective on February 12, 2024. A copy of the registration statement can be accessed through the SEC's website at www.sec.gov. The offering is being made only by means of a prospectus. A copy of the final prospectus relating to the offering, when available, may be obtained on the SEC's website and from Kingswood, via email at lciervo@kingswoodus.com or by calling 561-961-0505 or standard mail at Kingswood Capital Partners, LLC, 7280 W Palmetto Park Rd., Suite 301, Boca Raton, FL 33433.
