Sacks Parente Golf (Nasdaq: SPGC) stock this afternoon closed at $1.83 per share ($2.03 open) after hitting a 52-week low of $1.71 per share following a market pre-opening announcement of the pricing of its underwritten public offering of 366,000 shares of common stock for aggregate gross proceeds of approximately $732,000.
The company, which primarily produces putters and shafts under the Newton Golf brand, intends to use the net proceeds from this offering for general corporate and working capital needs. The transaction is expected to close on or about Oct 10, 2024, subject to the satisfaction of customary closing conditions.
In addition, the company has granted Aegis Capital Corp. a 45-day option to purchase additional shares of common stock of up to 15% of the number of shares of common stock sold in the offering solely to cover over-allotments, if any. If this option is exercised in full, the total gross proceeds of the offering, including over-allotments are expected to be approximately $842,000 before deducting underwriting discounts, commissions and offering expenses, which amount would essentially exhaust the maximum amount the company can currently raise under its shelf registration statement.
Photo Courtesy of Sacks Parente Golf