Sacks Parente Golf Inc. Announces Pricing of $732,000 Underwritten Public Offering of Shares of Common Stock

Rhea-AI Summary

Sacks Parente Golf (Nasdaq: SPGC), a technology-forward golf company, has announced the pricing of its underwritten public offering of 366,000 shares of Common Stock. The offering is expected to raise gross proceeds of approximately $732,000, before deducting underwriting discounts and other expenses. The company plans to use the net proceeds for general corporate and working capital needs.

The offering is expected to close around October 10, 2024. Aegis Capital Corp. is acting as the sole book-running manager and has been granted a 45-day option to purchase additional shares up to 15% of the offering to cover over-allotments. If fully exercised, this could increase the total gross proceeds to about $842,000. The offering is made pursuant to an effective registration statement on Form S-3 previously filed with the SEC.

Positive

• Raising approximately $732,000 in gross proceeds to support general corporate and working capital needs
• Potential for additional $110,000 if over-allotment option is fully exercised
• Successful pricing of public offering indicates market interest in the company

Negative

• Potential dilution of existing shareholders' ownership
• funds raised compared to company's overall capitalization
• The offering nearly exhausts the maximum amount the company can currently raise under its shelf registration statement

News Market Reaction

-48.45%

1 alert

-48.45% News Effect

On the day this news was published, SPGC declined 48.45%, reflecting a significant negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

CAMARILLO, CA, Oct. 09, 2024 (GLOBE NEWSWIRE) -- Sacks Parente Golf, Inc. (Nasdaq: SPGC) (“SPG” or 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, announced the pricing of its underwritten public offering (the "Offering") of 366,000 shares of Common Stock for aggregate gross proceeds of approximately $732,000, prior to deducting underwriting discounts and other offering expenses.

The Company intends to use the net proceeds from this Offering for general corporate and working capital needs.

The transaction is expected to close on or about October 10, 2024, subject to the satisfaction of customary closing conditions.

In addition, the Company has granted Aegis Capital Corp. a 45-day option to purchase additional shares of common stock of up to 15% of the number of shares of common stock sold in the Offering solely to cover over-allotments, if any. If this option is exercised in full, the total gross proceeds of the offering including over-allotments are expected to be approximately $842,000 before deducting underwriting discounts, commissions and offering expenses, which amount would essentially exhaust the maximum amount the Company can currently raise under its shelf registration statement.

Aegis Capital Corp. is acting as the sole book-running manager for the Offering. TroyGould PC is acting as counsel to the Company. Kaufman & Canoles, P.C. is acting as counsel to Aegis Capital Corp.

The Offering was made pursuant to an effective registration statement on Form S-3 (No. 333-281664) previously filed with the U.S. Securities and Exchange Commission (SEC) and declared effective by the SEC on September 23, 2024. A preliminary prospectus (the "Preliminary Prospectus") describing the terms of the proposed offering was filed with the SEC and is available on the SEC's website located at http://www.sec.gov. Electronic copies of the Preliminary Prospectus may be obtained 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 (212) 813-1010. Before investing in this Offering, interested parties should read in their entirety the registration statement and the Preliminary Prospectus and the other documents that the Company has filed with the SEC that are incorporated by reference in such registration statement and the Preliminary Prospectus, which provide more information about the Company and the Offering.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy 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, 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.

Investor Contact for Sacks Parente Golf, Inc.:
Tel: (855) 774-7888, Option 8
investors@sacksparente.com

FAQ

How many shares is Sacks Parente Golf (SPGC) offering in its public offering?

Sacks Parente Golf is offering 366,000 shares of Common Stock in its underwritten public offering.

What are the expected gross proceeds from SPGC's public offering?

The expected gross proceeds from the offering are approximately $732,000, before deducting underwriting discounts and other offering expenses.

When is the SPGC public offering expected to close?

The public offering is expected to close on or about October 10, 2024, subject to the satisfaction of customary closing conditions.

How does Sacks Parente Golf (SPGC) plan to use the proceeds from the offering?

SPGC intends to use the net proceeds from the offering for general corporate and working capital needs.

Who is the book-running manager for SPGC's public offering?

Aegis Capital Corp. is acting as the sole book-running manager for the public offering of Sacks Parente Golf.