This page provides access to Powell Max Limited (PMAX) filings with the U.S. Securities and Exchange Commission, including Form 20-F annual reports and Form 6-K current reports. Powell Max is a Hong Kong-headquartered financial communications and financial printing services provider whose Class A ordinary shares are listed on the Nasdaq Capital Market. As a foreign private issuer, the company uses SEC filings to report financial results, capital structure changes, financing transactions and corporate governance updates.
Annual and interim financial reports are central to Powell Max’s disclosure record. Investors can review audited financial statements for full years and unaudited interim condensed consolidated financial statements for periods such as the six months ended June 30, 2025. These documents detail revenue from financial communications services, cost of sales, gross profit, general and administrative expenses, selling and distribution expenses, finance costs, profit or loss, cash flows and changes in equity.
Form 6-K filings also cover earnings releases, acquisitions of subsidiaries, equity line arrangements, private placements, convertible promissory notes and related derivatives. For example, the company has filed 6-Ks describing a standby equity line of credit, issuance of a convertible promissory note, issuances of Class A ordinary shares under a standby equity purchase agreement, and a private placement of Class A ordinary shares and common warrants. Other 6-Ks report board changes and provide the full text of interim financial statements and notes.
Listing and compliance matters appear in Powell Max’s SEC reports as well. A Form 6-K dated September 5, 2025 describes a Nasdaq delisting determination letter citing non-compliance with the minimum bid price rule and minimum stockholders’ equity requirement, and explains that trading could be suspended and a Form 25-NSE filed unless the company appeals. Another 6-K discusses a planned reverse stock split and related amendment to the company’s memorandum of association.
On Stock Titan, AI-powered tools can help interpret these PMAX filings by highlighting key sections, summarizing complex financial tables and explaining the implications of financing structures, reverse stock splits and listing notices. Users can quickly locate information on Powell Max’s revenue trends, operating expenses, equity issuances, lease liabilities, bank borrowings, convertible instruments and derivative liabilities, as disclosed in its SEC reports.
Powell Max Ltd (PMAX) raised $2,421,000 in gross proceeds by selling 2,421,000 Class C ordinary shares at $1.00 per share in two closings, as of October 2, 2026. The private placement permits sales of up to approximately $4,000,000. Class C shares convert into Class A ordinary shares at the Floor Price, subject to a 4.99% post-conversion beneficial-ownership limit for each purchaser together with affiliates.
Spartan Capital Securities, LLC is the exclusive placement agent and receives a 10% cash fee at each closing. First-closing net proceeds were approximately $1,191,500 after the placement fee, escrow agent fee and other offering expenses; $648,900 from the second closing was released to Powell Max. Warrants for 242,100 Class A shares are issuable for both closings, with a five-year term and $1.50 exercise price. A separate 12-month M&A consulting agreement provides for a $500,000 cash fee payable upon execution under a payment schedule to be mutually agreed in writing, and a $700,000-value Class C share fee based on the closing price at issuance. The share fee is due upon the earlier of closing of the private placement offering with Spartan or the Blackrod (doing business as Remington Firearms) merger, subject to applicable securities laws, Nasdaq rules and required approvals. The consulting agreement is separate from, and not connected to or contingent upon, a capital raise.
Powell Max Ltd (PMAX) entered into a share exchange agreement under which Blackrod Holdings, LLC will issue Powell Max newly issued membership units representing 1.5% of Blackrod’s total equity after issuance. In exchange, Powell Max will issue Class A ordinary shares equal to 19.99% of its Class A shares outstanding immediately before closing. Based on 1,308,311 Class A shares outstanding as of September 23, 2026, and assuming no change before closing, the exchange would issue approximately 261,531 shares.
Closing is subject to satisfaction or waiver of conditions, including governmental consents and approvals. Ten percent of the Exchanged PubCo Shares will be held in escrow for 18 months as security for indemnification obligations. The parties intend to negotiate a separate merger agreement with estimated enterprise value of $200 million to $250 million; no definitive merger agreement has been executed, and there is no assurance the parties will enter one or complete the proposed merger on the contemplated terms or at all. After closing, Blackrod and its members are restricted from soliciting or negotiating competing proposals for 12 months, unless the agreement ends earlier. Powell Max also agreed to a separate 60-day no-solicitation covenant, subject to a fiduciary-out and matching right.
Powell Max Ltd reported an exempt offering of equity and pooled investment fund interests, with $1,700,000 sold and $2,300,000 remaining to be sold. Spartan Capital Securities, LLC is identified as the placement agent.
The first sale occurred August 20, 2026. Powell Max Ltd states that net proceeds will be used for working capital and general corporate purposes.
Powell Max Limited has filed a Form F-3 shelf registration to offer, from time to time, up to $200,000,000 of ordinary shares, preferred stock, warrants, debt securities and units. Specific terms and pricing for each takedown will be detailed in a future prospectus supplement.
The company’s Class A ordinary shares trade on Nasdaq as “PMAX”; on July 30, 2026 the closing price was $1.60 per share and public float was about $2.1 million, constraining primary offerings under Form F-3 to no more than one-third of that float in any 12‑month period. Powell Max is a BVI holding company whose operations are conducted through Hong Kong subsidiaries, and it highlights legal and regulatory risks tied to Hong Kong and potential PRC oversight.
The business provides financial communications and financial printing services primarily for Hong Kong–listed companies and listing applicants. It qualifies as an emerging growth company and a foreign private issuer, allowing reduced U.S. reporting. Net proceeds from future sales under the shelf are expected to be used for general corporate purposes, including working capital.
Powell Max Ltd director Felix Lourdes has filed an initial Form 3, which is a baseline disclosure of insider holdings when someone becomes a reporting person. The available data show no reported transactions or holdings, indicating this filing is primarily administrative and does not reflect recent trading activity.
Powell Max Ltd director and officer Geordan Garrett Pursglove, who serves as CEO and Chairman, filed an initial Form 3 reporting his status as an insider. The filing does not list any reportable transactions or holdings, functioning as a baseline disclosure of his insider position.
Powell Max Limited files its annual report for the year ended December 31, 2025, showing a much larger business that is still loss‑making and cash‑consuming. Revenue increased to HK$47.6 million from HK$36.5 million in 2024, but the company recorded a net loss of HK$23.5 million.
Total assets were HK$42.4 million and total equity HK$24.9 million, reflecting elimination of earlier bank borrowings and convertible notes. Operating cash flow was negative HK$8.7 million, and cash fell sharply to HK$6.9 million from HK$42.2 million a year earlier, underscoring liquidity risk.
The report notes prior going‑concern doubts and ongoing dependence on raising capital, managing costs and collections. All operations are in Hong Kong and heavily tied to Hong Kong equity‑market activity, while extensive disclosures highlight risks from PRC/Hong Kong regulatory changes, potential U.S. trading prohibitions under the HFCAA and volatility in a very small float of 264,991 Class A Ordinary Shares after significant reverse share splits.
Powell Max Limited is implementing a 1-for-10 reverse stock split of its Class A Ordinary Shares, effective at the market open on April 17, 2026, to help raise the share price above the US$1.00 Nasdaq Capital Market minimum bid requirement.
After the share consolidation, authorized share capital will decrease from 550,250,000 Ordinary Shares of par value US$0.0008 each to 55,025,000 Ordinary Shares of par value US$0.008 each, applied uniformly across all share classes. Issued Class A shares will shrink from 10,371,518 to approximately 1,037,152, and issued Class C shares from 6,781,611 to approximately 678,162, with fractions rounded up to whole shares.
Powell Max Limited has signed a non-binding letter of intent to acquire The Boston Solar Company, a vertically integrated solar installer in New England. The contemplated transaction is valued at $9.0 million, including the assumption of up to $7.0 million of debt.
Subject to satisfactory due diligence, the parties aim to sign a definitive agreement by May 16, 2026$20 million in working capital funding, subject to final terms and the company’s ability to secure capital.
Boston Solar reported a 22% revenue increase in 2025 to $24 million, with $2 million in adjusted net income based on unaudited management accounts. Powell Max views this potential deal as a first step in a broader diversification and expansion strategy into the solar energy sector.