Sacks Parente Golf announced an $8.4 million public offering for shares and warrants, expected to close on December 13, 2024.
Quiver AI Summary
Sacks Parente Golf, Inc. has announced a public offering of its Common Units, aiming to raise approximately $8.4 million in gross proceeds before fees and expenses. The offering consists of 7 million units, with each unit comprising one share of Common Stock and associated warrants. The public offering price is set at $1.20 per unit. Additionally, the company has granted the underwriter, Aegis Capital Corp., a 45-day option to purchase more shares to cover over-allotments. The expected closing date for the offering is around December 13, 2024, pending customary conditions. The proceeds are planned for general corporate purposes and working capital. Aegis is the sole book-running manager for the offering, and the prospectus for the transaction will be filed with the SEC.
Potential Positives
- The company has successfully priced an underwritten public offering, expected to raise approximately $8.4 million in gross proceeds, which can support its growth and operations.
- The offering includes multiple types of units and warrants, providing potential upside for investors and a structured approach to fundraising.
- The SEC has declared the registration statement effective, indicating compliance with regulatory requirements and moving the offering forward.
- The funds raised are designated for general corporate purposes and working capital, which can enhance the company's operational flexibility and growth potential.
Potential Negatives
- The public offering price of $1.20 per Common Unit may indicate a lack of investor confidence, potentially leading to a dilution of shareholder value if the stock price is perceived as low.
- The company is relying on the ability to raise approximately $8.4 million through this offering, which could indicate financial strain or a need for immediate capital.
- The requirement for stockholder approval for the exercise of the warrants suggests potential governance challenges and may delay access to necessary funds.
FAQ
What is the main focus of Sacks Parente Golf, Inc.?
Sacks Parente Golf, Inc. is a technology-forward golf company specializing in golf products such as putters, shafts, and grips.
What are the details of the public offering announcement?
The company announced a public offering with expected gross proceeds of approximately $8.4 million from the sale of 7,000,000 Common Units.
Who is managing the public offering?
Aegis Capital Corp. is acting as the sole book-running manager for the public offering.
What will the proceeds from the offering be used for?
The net proceeds will be used for general corporate purposes and working capital.
Where can I find more information about the offering?
Interested parties can obtain additional details by reading the final prospectus, available through the SEC's website or by contacting Aegis Capital Corp.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$SPGC Insider Trading Activity
$SPGC insiders have traded $SPGC stock on the open market 8 times in the past 6 months. Of those trades, 8 have been purchases and 0 have been sales.
Here’s a breakdown of recent trading of $SPGC stock by insiders over the last 6 months:
- GREGOR ALASDAIR CAMPBELL (Executive Chairman) has traded it 3 times. They made 3 purchases, buying 7,000 shares and 0 sales.
- BRETT WIDNEY HOGE has traded it 5 times. They made 5 purchases, buying 63,000 shares and 0 sales.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$SPGC Hedge Fund Activity
We have seen 0 institutional investors add shares of $SPGC stock to their portfolio, and 8 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- MANCHESTER FINANCIAL INC removed 41,685 shares (-100.0%) from their portfolio in Q2 2024
- BANK OF MONTREAL /CAN/ removed 20,000 shares (-100.0%) from their portfolio in Q2 2024
- GEODE CAPITAL MANAGEMENT, LLC removed 18,085 shares (-100.0%) from their portfolio in Q3 2024
- VIRTU FINANCIAL LLC removed 17,848 shares (-100.0%) from their portfolio in Q2 2024
- CITADEL ADVISORS LLC removed 1,789 shares (-100.0%) from their portfolio in Q3 2024
- TOWER RESEARCH CAPITAL LLC (TRC) removed 129 shares (-100.0%) from their portfolio in Q3 2024
- UBS GROUP AG removed 100 shares (-100.0%) from their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
CAMARILLO, CA, Dec. 12, 2024 (GLOBE NEWSWIRE) --
Sacks Parente Golf, Inc. (NASDAQ: SPGC) (the “Company”), a technology-forward golf company with a growing portfolio of golf products, including putters, golf shafts, golf grips, and other golf-related accessories, today announced the pricing of a firm commitment underwritten public offering with gross proceeds to the Company expected to be approximately $8.4 million, before deducting underwriting fees and other estimated offering expenses payable by the Company.
The offering consists of 7,000,000 Common Units (or Pre-Funded Units), each consisting of one (1) share of Common Stock or one (1) Pre-Funded Warrant to purchase one (1) share of Common Stock, one (1) Series A Common Warrant to purchase one (1) share of Common Stock per warrant, and one (1) Series B Common Warrant to purchase one (1) share of Common Stock per warrant. The public offering price per Common Unit is $1.20 (or $1.199 for each Pre-Funded Unit, which is equal to the public offering price per Common Unit to be sold in the offering minus an exercise price of $0.001 per Pre-Funded Warrant). The Pre-Funded Warrants will be immediately exercisable and may be exercised at any time until exercised in full. For each Pre-Funded Unit sold in the offering, the number of Common Units in the offering will be decreased on a one-for-one basis. The initial exercise price of each Series A Common Warrant is $2.40 per share of Common Stock. The Series A Common Warrants are exercisable following stockholder approval and expire 60 months thereafter. The initial exercise price of each Series B Common Warrant is $2.40 per share of Common Stock or pursuant to an alternative cashless exercise option. The Series B Common Warrants are exercisable following stockholder approval and expire 30 months thereafter.
In addition, the Company has granted Aegis Capital Corp. (“Aegis”) a 45-day option to purchase additional shares of Common Stock representing up to 15.0% of the number of shares of Common Stock, up to 15.0% of the number of Series A Common Warrants, and up to 15.0% of the number of Series B Common Warrants, respectively, sold in the offering, solely to cover over-allotments, if any. The purchase price to be paid per additional share of Common Stock will be equal to the public offering price of one Common Unit.
Aggregate gross proceeds to the Company are expected to be approximately $8.4 million. The transaction is expected to close on or about December 13, 2024, subject to the satisfaction of customary closing conditions. The Company expects to use the net proceeds from the offering, together with its existing cash, for general corporate purposes and working capital.
Aegis Capital Corp. is acting as the sole book-running manager for the offering. TroyGould is acting as counsel to the Company. Kaufman & Canoles, P.C. is acting as counsel to Aegis Capital Corp.
A registration statement on Form S-1 (No. 333-283460) previously filed with the U.S. Securities and Exchange Commission (the “SEC”) on November 26, 2024 was declared effective by the SEC on December 11, 2024. The offering is being made only by means of a prospectus. A final prospectus describing the terms of the proposed offering will be filed with the SEC and will be available on the SEC’s website located at
www.sec.gov
. Electronic copies of the preliminary prospectus supplement and the accompanying prospectus may be obtained, when available, by contacting Aegis Capital Corp., Attention: Syndicate Department, 1345 Avenue of the Americas, 27th floor, New York, NY 10105, by email at
syndicate@aegiscap.com
, or by telephone at +1 (212) 813-1010. Before investing in this offering, interested parties should read in their entirety the prospectus, which provides more information about the Company and such offering.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an 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, Inc.
Sacks Parente Golf, Inc. is a technology-forward golf company that help golfers elevate their game. With a growing portfolio of golf products, including putters, golf shafts, golf grips, and other golf-related accessories, 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, and pioneering ultra-light carbon fiber putter shafts.
Forward-Looking Statements
The foregoing material may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. Forward-looking statements include all statements that do not relate solely to historical or current facts, including without limitation statements regarding the Company’s product development and business prospects, and can be identified by the use of words such as “may,” “will,” “expect,” “project,” “estimate,” “anticipate,” “plan,” “believe,” “potential,” “should,” “continue” or the negative versions of those words or other comparable words. Forward-looking statements are not guarantees of future actions or performance. These forward-looking statements are based on information currently available to the Company and its current plans or expectations and are subject to a number of risks and uncertainties that could significantly affect current plans. Should one or more of these risks or uncertainties materialize, or the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended, or planned. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee future results, performance, or achievements. Except as required by applicable law, including the security laws of the United States, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results.
Tel: (855) 774-7888, Option 8
investors@sacksparente.com
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