Business
Massimo Group Announces Closing of Initial Public Offering and Nasdaq Listing
GARLAND, Texas, April 4, 2024 /PRNewswire/ -- Massimo Group (NASDAQ: MAMO) ("Massimo"), a manufacturer and distributor of powersports vehicles and pontoon
About this update from Massimo Group
[{"type":"text","content":"GARLAND, Texas, April 4, 2024 /PRNewswire/ -- Massimo Group (NASDAQ: MAMO) (\"Massimo\"), a manufacturer and distributor of powersports vehicles and pontoon boats, today announced the closing of its initial public offering of 1,300,000 shares of its common stock at an initial public offering price of $4.50 per share.\n\n \n \n \n \n \n \n\n \nThe aggregate gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Massimo, were approximately $5.85 million. Massimo's common stock began trading on the Nasdaq Capital Market on April 2, 2024 under the ticker symbol \"MAMO.\"\nThe 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.\nCraft 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.\nA registration statement relating to the securities being sold in this offering has been filed with the U.S. Securities and Exchange Commission (the \"SEC\") and became effective on March 26, 2024. A copy of the registration statement can be accessed through the SEC's website at www.sec.gov. This offering is being made only by means of a prospectus forming part of the registration statement relating to these securities. When available, a copy of the final prospectus relating to this offering may be obtained from: Craft Capital Management, LLC, 377 Oak St., Lower Concourse Garden City, NY 11530, by telephone: 516-833-1325, or by email at: [email protected], or from: R. F. Lafferty & Co., Inc., 40 Wall Street, 27th Floor, New York, NY 10005, by telephone: 212-293-9015, or by email at: [email protected].\nThis press release shall not constitute an offer to sell, or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful ...