Sacks Parente Golf, Inc. Announces Closing of Initial Public Offering, Raising Approximately $12.8 Million
18 August 2023 - 6:05AM
Sacks Parente Golf, Inc. (NASDAQ:SPGC)
, (the
Company), a technology-forward golf company, with a growing
portfolio of golf products, including putting instruments, golf
shafts, golf grips, and other golf-related products, today
announced the closing of its initial public offering of 3,200,000
shares of common stock at a public offering price of $4.00 per
share.
In connection with the offering, the Company's
common stock began trading on The Nasdaq Capital Market
on August 15, 2023, under the ticker symbol "SPGC."
The net proceeds to the Company from the
offering, after deducting the underwriting discounts, commissions
and transaction expenses were approximately $11.6 million.
The Benchmark Company, LLC acted as the sole
bookrunning manager in connection with the offering.
The secruities described above were being
offered by the Company pursuant to a registration statement of Form
S-1 (Registration No. 333-266610) that was previously filed with
the U.S. Securities and Exchange Commission (the "SEC") and
declared effective on August 11, 2023. The offering is being
made only by means of a prospectus. Copies of the final prospectus
can be obtained through the SEC's website
at http://www.sec.gov or from The Benchmark Company, LLC,
Attention: Prospectus Department, 150 E 58th Street, 17th
floor, New York, NY 10155, by telephone at (212)
312-6700, or by email at prospectus@benchmarkcompany.com.
This press release shall not constitute an offer
to sell or the 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 registration or qualification under the
securities laws of any such state or jurisdiction.
About Sacks Parente Golf
Sacks Parente Golf, Inc. is a technology-forward
golf company, with a growing portfolio of golf products, including
putting instruments, golf shafts, golf grips, and other
golf-related products. The Company’s innovative accomplishments
include: the First Vernier Acuity putter, patented Ultra-Low
Balance Point (ULBP) putter technology, weight-forward
Center-of-Gravity (CG) design while pioneering ultra-light carbon
fiber putter shafts. In consideration of its growth opportunities
in shaft technologies, in April of 2022, the Company expanded its
manufacturing business to include advanced premium golf shafts by
opening a new shaft manufacturing facility in St. Joseph, MO. It is
the Company’s intent to manufacture and assemble substantially all
products in the United States. The Company anticipates expansion
into golf apparel and other golf-related product lines to enhance
its growth. The Company’s future expansions may include broadening
its offerings through mergers, acquisitions or internal
developments of product lines that are complementary to its premium
brand. The Company currently sells its products through resellers,
the Company’s websites, and distributors in the United States,
Japan, and South Korea.
Forward Looking Statements
This press release contains statements that
constitute "forward-looking statements," including with respect to
the proposed initial public offering and the anticipated use of the
net proceeds. No assurance can be given that the offering discussed
above will be completed on the terms described, or at all, or that
the net 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 the Company, including those set
forth in the Risk Factors section of the Company's registration
statement and preliminary prospectus for the Company's offering
filed with the SEC. Copies of these documents are available on the
SEC's website, www.sec.gov. The Company undertakes no
obligation to update these statements for revisions or changes
after the date of this release, except as required by law.
Contacts:
Company:Steve Handy, CFOSacks Parente Golf, Inc.Email:
investors@sacksparente.comwww.sacksparente.com
Investor Relations:CORE IREmail:
investors@sacksparente.comPhone: (516)222-2560www.coreir.com
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