SolarMax Technology, Inc. Announces Closing of Initial Public Offering
29 Februar 2024 - 7:30PM
via NewMediaWire – SolarMax Technology, Inc. (“SolarMax” or the
“Company”) (Nasdaq: SMXT), an integrated solar energy
company, today announced the closing of its initial public
offering of 4,500,000 shares of common stock at an initial public
offering price of $4.00 per share. Gross proceeds were
$18 million, prior to deducting the underwriting discounts,
commissions and offering expenses payable by the
Company. In addition, SolarMax has 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. The common stock began trading on The
Nasdaq Global Market on February 27, 2024 under the symbol
SMXT.
Kingswood, a division of Kingswood Capital Partners, LLC
(“Kingswood”), is acting 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 KingswoodKingswood 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 StatementsThis 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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