Strong Global Entertainment Announces Closing of Initial Public Offering and Separation
18 Mai 2023 - 10:16PM
Strong Global Entertainment, Inc. (the “Company”) (NYSE American:
SGE), today announced the closing of its initial public offering
(“IPO”) of 1,000,000 shares of its Class A Common Voting Shares
(the “Common Shares”) at a public offering price of $4.00 per
share, for gross proceeds of $4 million, before deducting
underwriting discounts and offering expenses. In addition, the
Company granted the underwriters a 45-day option to purchase up to
an additional 150,000 Common Shares to cover over-allotments at the
IPO price, less the underwriting discount.
The net proceeds from the IPO are planned to be
used for general corporate purposes, which may include (i) working
capital, (ii) capital expenditures, (iii) operational purposes, and
(iv) potential acquisitions in complementary businesses.
ThinkEquity acted as sole book-running manager
for the IPO.
A registration statement on Form S-1 (File No.
333-264165) relating to the Common Shares was filed with the
Securities and Exchange Commission (“SEC”) and became effective on
May 15, 2023. The IPO is being made only by means of a prospectus.
Copies of the final prospectus may be obtained from ThinkEquity, 17
State Street, 41st Floor, New York, New York 10004. The final
prospectus has been filed with the SEC and is available on the
SEC’s website located at http://www.sec.gov.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy, nor shall there be
any sale of these securities in any state or jurisdiction in which
such an offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
In connection with the IPO, the Company also
completed the separation of the entertainment business from FG
Group Holdings Inc. and its contribution to the Company by entering
various agreements. These agreements took effect immediately prior
to the closing of the IPO.
About Strong Global
Entertainment, Inc.
Strong Global Entertainment, Inc. is positioned
to be a leader in the entertainment industry, providing mission
critical products and services to cinema exhibitors and
entertainment venues for over 80 years. The Company manufactures
and distributes premium large format projection screens, provides
comprehensive managed services, technical support and related
products and services primarily to cinema exhibitors, theme parks,
educational institutions, and similar venues. In addition to
traditional projection screens, the Company manufactures and
distributes its Eclipse curvilinear screens, which are specially
designed for theme parks, immersive exhibitions, as well as
simulation applications. It also provides maintenance, repair,
installation, network support services and other services to cinema
operators, primarily in the United States. The Company also owns
Strong Studios, Inc. which develops and produces original feature
films and television series.
Forward Looking Statements
This press release contains “forward-looking
statements” that are subject to substantial risks and
uncertainties. All statements, other than statements of historical
fact, contained in this press release are forward-looking
statements. Forward-looking statements contained in this press
release may be identified by the use of words such as “anticipate,”
“believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,”
“seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,”
“target,” “aim,” “should,” "will” “would,” or the negative of these
words or other similar expressions, although not all
forward-looking statements contain these words. Forward-looking
statements are based on the Company’s current expectations and are
subject to inherent uncertainties, risks and assumptions that are
difficult to predict. Further, certain forward-looking statements
are based on assumptions as to future events that may not prove to
be accurate. These and other risks and uncertainties are described
more fully in the section titled “Risk Factors” in the final
prospectus related to the public offering filed with the SEC.
Forward-looking statements contained in this announcement are made
as of this date, and the Company undertakes no duty to update such
information except as required under applicable law.
Contact:
Mark Roberson |
John Nesbett/Jennifer Belodeau |
Strong Global Entertainment, Inc.
- Chief Executive Officer |
IMS Investor Relations |
(704) 471-6784 |
(203) 972-9200 |
IR@strong-entertainment.com |
sge@imsinvestorrelations.com |
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