GARLAND,
Texas, April 4, 2024 /PRNewswire/ -- Massimo
Group (NASDAQ: MAMO) ("Massimo"), a manufacturer and
distributor of powersports vehicles and pontoon boats, today
announced the closing of its initial public offering of 1,300,000
shares of its common stock at an initial public offering price of
$4.50 per share.
The aggregate gross proceeds from the offering, before deducting
underwriting discounts and commissions and other offering expenses
payable by Massimo, were approximately $5.85
million. Massimo's common stock began trading on the Nasdaq
Capital Market on April 2, 2024 under
the ticker symbol "MAMO."
The Company expects to use the net proceeds from the sale of the
shares for marketing and promotion of its branded products to
expand its business; further research and development activities,
which are expected to include efforts to develop new products and
new electric vehicle-related technology; establish new assembly and
distribution operations; and expand recruitment of personnel. The
Company also plans to use a portion of the net proceeds from the
offering as working capital.
Craft Capital Management, LLC is acting as sole
book-running manager for the offering. R.F. Lafferty & Co.,
Inc. is acting as co-underwriter for the offering.
A registration statement relating to the securities being sold
in this offering has been filed with the U.S. Securities and
Exchange Commission (the "SEC") and became effective on March
26, 2024. A copy of the registration statement can be accessed
through the SEC's website at www.sec.gov. This offering is
being made only by means of a prospectus forming part of the
registration statement relating to these securities. When
available, a copy of the final prospectus relating to this offering
may be obtained from: Craft Capital Management, LLC, 377 Oak St.,
Lower Concourse Garden City, NY
11530, by telephone: 516-833-1325, or by email at:
SKiront@craftcm.com, or from: R. F. Lafferty & Co.,
Inc., 40 Wall Street, 27th Floor, New
York, NY 10005, by telephone: 212-293-9015, or by email at:
Offerings@rflafferty.com.
This press release shall not constitute an offer to sell, or a
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
the registration or qualification under the securities laws of any
such state or jurisdiction. Before you invest, you should read the
prospectus and other documents the Company has filed or will file
with the SEC for more information about the Company and the
offering.
About Massimo Group
Massimo Group (NASDAQ: MAMO) is a manufacturer and distributor
of powersports vehicles and pontoon boats. Founded in 2009, Massimo
Motor believes it offers some of the most value packed UTV's,
off-road, and on-road vehicles in the industry. The company's
product lines include a wide selection of farm and ranch tested
utility UTVs, recreational ATVs, and Americana style mini-bikes.
Massimo Marine manufacturers and
sells Pontoon and Tritoon boats with a dedication to innovative
design, quality craftsmanship, and great customer service. Massimo
is also developing electric versions of UTVs, golf-carts and
pontoon boats. The company's 286,000 square foot factory is in the
heart of the Dallas / Fort Worth
area of Texas in the city of
Garland. For more information,
visit massimomotor.com and massimomarine.com.
Forward-Looking Statements
This press release contains statements that constitute
"forward-looking statements," including with respect to the initial
public offering and the use of proceeds thereof. In some cases, you
can identify forward-looking statements because they contain words
such as "anticipate," "believe," "estimate," "expect," "intend,"
"may," "predict," "project," "target," "potential," "seek," "will,"
"would," "could," "should," "continue," "contemplate," "plan," and
other words and terms of similar meaning. These forward-looking
statements include information concerning statements regarding
future cash needs, future operations, business plans and future
financial results; and any other statements that are not historical
facts. No assurance can be given that the proceeds of the offering
will be used as indicated. Forward-looking statements are subject
to numerous conditions, many of which are beyond the control of
Massimo, including those set forth in the "Risk Factors" section of
Massimo's Registration Statement on Form S-1 for the initial public
offering filed with the SEC. Copies are available on the SEC's
website, www.sec.gov. Massimo undertakes no obligation to update
these statements for revisions or changes after the date of this
release, except as required by law.
Company
Dr. Yunhao
Chen
Chief Financial Officer
Massimo Group
ir@massimomotor.com
Investor Relations
Chris Tyson
Executive Vice President
MZ North America
Direct: 949-491-8235
MAMO@mzgroup.us
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SOURCE Massimo Group