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… but they needed some working capital to get the rest of the world to see this vision. With that in mind the Texas-based operation announced its IPO on April 2. Pricing of its initial public offering of 1,300,000 shares of its common stock at a price of $4.50 per share, according to CFO Dr. Yunhao Chen.
“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.”
Before deducting underwriting discounts and commissions and other offering expenses payable by the Company, gross proceeds are expected to be $5.85 million, claims Craft Capital Management, LLC, sole book-running manager for the offering. R.F. Lafferty & Co., Inc. is acting as co-underwriter for the offering.
The offering is expected to close on April 4, 2024, subject to the satisfaction of customary closing conditions. The shares are expected to begin trading on the Nasdaq Capital Market on April 2, 2024, under the symbol “MAMO.”