SolarMax Technology, Inc. Announces Exercise of Overallotment Option From Initial Public Offering
05 Marzo 2024 - 10:01PM
via NewMediaWire – SolarMax Technology, Inc. (“SolarMax” or the
“Company”) (Nasdaq SMXT), an integrated solar energy company,
announced today that the underwriters of its recently completed
initial public offering (“IPO”) of common stock have purchased
539,950 shares of common stock upon partial exercise of their
option to purchase additional shares of common stock to cover
over-allotments at the initial public offering price of $4.00 per
share.
Including proceeds from the sale of the additional shares, the
aggregate gross proceeds from the IPO were approximately $20
million, prior to deducting the underwriting discounts, commissions
and offering expenses payable by the Company.
Kingswood, a division of Kingswood Capital Partners, LLC
(“Kingswood”), acted 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. The offering was made only by means of a
prospectus. A copy of the final prospectus relating to the
offering may be obtained on the SEC’s website at www.sec.gov
and from Kingswood, by 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.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy, nor will there be any sales of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction.
About SolarMax Technology Inc.
SolarMax is an integrated solar and renewable energy company. A
solar energy system retains the direct current (DC) electricity
from the sun and converts it to alternating current (AC)
electricity that can be used to power residential homes and
commercial businesses. The solar business is based on the ability
of the users of solar energy systems to save on energy costs and
reduce their carbon imprint as compared with power purchased from
the local electricity utility company. SolarMax was founded in 2008
to engage in the solar business in the United States and commenced
operations in China in 2016. SolarMax’s United States operations
primarily consist of the sale and installation of photovoltaic and
battery backup systems for residential and commercial customers and
sales of LED systems and services to government and commercial
users. SolarMax’s China operations consist primarily of
identifying and procuring solar farm projects for resale to third
parties and performing EPC services primarily for solar farm
projects. All of SolarMax’s revenues for 2022 and 2023
has been generated by its United States operations.
SolarMax’s website is www.solarmaxtech.com. Any information
contained on, or that can be accessed through, our website or any
other website or any social media is not a part of this press
release.
About Kingswood
Kingswood U.S., part of the Kingswood Group, is a network of
wealth management firms that includes SEC-registered investment
advisors and a FINRA-licensed broker-dealer, Kingswood offers
investment banking and advisory services along with comprehensive
wealth management and business-building services, designed
specifically for the independent financial advisor. Together with
its parent company, the Kingswood Group has more than $13 billion
in assets under management, and 400 registered individuals.
Kingswood combines the resources and capital of a large financial
services firm with the personalized touch and feel of a boutique
company. Kingswood has earned a reputation as a firm built for
advisors by advisors.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended (“Securities Act”) as well as Section 21E of the Securities
Exchange Act of 1934, as amended, and the Private Securities
Litigation Reform Act of 1995, as amended, that are intended to be
covered by the safe harbor created by those sections.
Forward-looking statements, which are based on certain assumptions
and describe the Company's future plans, strategies and
expectations, can generally be identified by the use of
forward-looking terms such as “believe,” “expect,” “may,” “will,”
“should,” “would,” “could,” “seek,” “intend,” “plan,” “goal,”
“project,” “estimate,” “anticipate,” “strategy,” “future,” “likely”
or other comparable terms, although not all forward-looking
statements contain these identifying words. All statements other
than statements of historical facts included in this press release
regarding the Company's strategies, prospects, financial condition,
operations, costs, plans and objectives are forward-looking
statements. Important factors that could cause the Company's actual
results and financial condition to differ materially from those
indicated in the forward-looking statements. Such forward-looking
statements are subject to risk and uncertainties, including, but
not limited to, those described in “Risk Factors,” “Management's
Discussion and Analysis of Financial Condition and Results of
Operations,” “Cautionary Note on Forward-Looking Statements” in the
Registration Statement on Form S-1 filed with the SEC (Reg. No.
333-266206) and the final prospectus dated February 27, 2024.
SolarMax undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, after the date on which the statements
are made or to reflect the occurrence of unanticipated events
except as required by law. You should read this press release with
the understanding that our actual future results may be materially
different from what we expect.
Contact:For more information, contact:Stephen Brown,
CFO(951) 300-0711
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