SolarMax sets IPO price at $4, eyes Nasdaq debut

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SolarMax sets IPO price at $4, eyes Nasdaq debut
Credit: © Reuters.

RIVERSIDE, Calif. – SolarMax Technology, Inc., a solar energy company, has announced the pricing of its initial public offering (IPO) at $4 per share, aiming to raise $18 million before underwriting discounts, commissions, and other offering expenses. The offering includes 4,500,000 shares of common stock, with an additional 675,000 shares available for underwriters to cover over-allotments.

Trading on the Nasdaq Global Market under the ticker symbol "SMXT" is expected to commence today, with the closing of the IPO anticipated by February 29, 2024, contingent on standard closing conditions. Kingswood Capital Partners, LLC is the sole bookrunner for the offering.

SolarMax, founded in 2008, operates in the United States and China, focusing on the sale and installation of photovoltaic and battery backup systems for residential and commercial customers, as well as LED systems and services. The company's revenue for the past two years has been primarily from its U.S. operations.

The IPO is being made through a prospectus, details of which can be obtained from Kingswood or the SEC's website. The company has made clear that this press release shall not be deemed an offer to sell or a solicitation of an offer to buy the securities.

This news is based on a press release statement, and it is essential to note that forward-looking statements contained therein involve risks and uncertainties that could cause actual results to differ materially from those projected. SolarMax has stated it will not update forward-looking statements unless required by law.

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