SolarMax Technology, which sells solar energy equipment and LED light systems, priced its initial public offering for gross proceeds of $18 million, prior to underwriting discounts, commissions and offering expenses. The IPO of 4.5 million shares was priced at $4 per share. In addition, SolarMax 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.
Shares closed at $8 on the first day of trading. The stock lists on the Nasdaq under the ticker symbol SMXT. The offering is expected to close today.
SolarMax had a bumpy ride to the public markets, first registering an IPO in 2016, then withdrawing the registration to pursue a SPAC deal with Albertson Acquisition in 2020. The deal collapsed in April 2022 when the SEC did not clear the registration statement by the parties’ deadline.
Kingswood is sole bookrunner for the offering. Read more.
