Sacks Parente Golf, Inc. Announces Pricing of Initial Public Offering
August 15 2023 - 8:00AM
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 pricing of its initial public offering of its
3,200,000 common shares at a price of $4.00 per share, for gross
proceeds of approximately $12,800,000 before deducting underwriting
discounts, commissions and offering expenses. The common shares are
expected to begin trading on the Nasdaq Capital Market under the
ticker symbol "SPGC" on August 15, 2023, and the offering is
expected to close on August 17, 2023, subject to customary closing
conditions.
The net proceeds from the initial public
offering will be for new opportunities and expansion into Asia, to
fund marketing and professional tour related expenses, to repay
debt, pay accrued compensation, and the remainder to fund
manufacturing expansion, and for working capital and general
corporate purposes.
The Benchmark Company, LLC is the sole
bookrunning manager in connection with the offering.
The Securities and Exchange Commission (the
"SEC") declared effective a registration statement on Form S-1
relating to the shares on August 11, 2023. The offering is
being made only by means of a prospectus. A final prospectus
related to the offering will be filed and made available on the
SEC's website at http://www.sec.gov. Electronic copies of the
final prospectus may be obtained, when available, from The
Benchmark Company, LLC, 150 E 58th Street, 17th floor, New
York, NY 10155, or 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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