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

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Sacks Parente Golf (Nasdaq: SPGC), a technology-forward golf company, has closed its underwritten public offering of 366,000 shares of Common Stock, raising gross proceeds of approximately $732,000. The company plans to use the net proceeds for general corporate and working capital needs. The offering closed on October 10, 2024.

Aegis Capital Corp. acted 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 total gross proceeds to approximately $842,000. The offering was made pursuant to an effective registration statement on Form S-3 previously filed with the SEC.

Sacks Parente Golf (Nasdaq: SPGC), un'azienda golfistica all'avanguardia nella tecnologia, ha chiuso la sua offerta pubblica sottoscritta di 366.000 azioni di azioni ordinarie, raccogliendo proventi lordi di circa 732.000 dollari. L'azienda prevede di utilizzare i proventi netti per esigenze aziendali generali e di capitale circolante. L'offerta si è conclusa il 10 ottobre 2024.

Aegis Capital Corp. ha agito come unico gestore dell'offerta e ha ricevuto un'opzione di 45 giorni per acquistare azioni aggiuntive fino al 15% dell'offerta per coprire gli eccessi. Se completamente esercitata, ciò potrebbe aumentare i proventi lordi totali a circa 842.000 dollari. L'offerta è stata effettuata ai sensi di una dichiarazione di registrazione efficace sul modulo S-3 precedentemente depositata presso la SEC.

Sacks Parente Golf (Nasdaq: SPGC), una empresa de golf orientada a la tecnología, ha cerrado su oferta pública dirigida de 366,000 acciones de acciones ordinarias, recaudando ingresos brutos de aproximadamente $732,000. La empresa planea utilizar los ingresos netos para necesidades generales corporativas y de capital de trabajo. La oferta se cerró el 10 de octubre de 2024.

Aegis Capital Corp. actuó como el único gerente de libro y se le ha otorgado una opción de 45 días para comprar acciones adicionales hasta el 15% de la oferta para cubrir sobreasignaciones. Si se ejerce completamente, esto podría aumentar los ingresos brutos totales a aproximadamente $842,000. La oferta se realizó de acuerdo con una declaración de registro efectiva en el formulario S-3 previamente presentada a la SEC.

Sacks Parente Golf(Nasdaq: SPGC)는 기술 중심의 골프 회사로, 366,000주 공모주식의 청약을 마감했다고 발표하며, 약 732,000달러의 총 수익을 올렸다. 회사는 순수익을 일반 기업 운영 및 운전자본 요구에 사용할 계획이다. 이번 공모는 2024년 10월 10일에 종료되었다.

Aegis Capital Corp.는 유일한 주관사 역할을 했으며, 초과할당을 보충하기 위해 공모의 최대 15%에 해당하는 추가 주식을 구매할 수 있는 45일 옵션을 부여받았다. 만약 옵션이 전량 행사된다면, 총 총 수익은 약 842,000달러로 증가할 수 있다. 이번 공모는 SEC에 이전에 제출된 S-3 양식의 유효한 등록 신고서를 바탕으로 시행되었다.

Sacks Parente Golf (Nasdaq: SPGC), une entreprise de golf axée sur la technologie, a clôturé son offre publique souscrite de 366 000 actions ordinaires, levant environ 732 000 $ de produits bruts. L'entreprise prévoit d'utiliser les produits nets pour des besoins généraux de fonctionnement et de fonds de roulement. L'offre a été clôturée le 10 octobre 2024.

Aegis Capital Corp. a agi en tant que gestionnaire principal unique et a reçu une option de 45 jours pour acheter des actions supplémentaires jusqu'à 15 % de l'offre afin de couvrir les surallocations. Si elle est entièrement exercée, cela pourrait augmenter les produits bruts totaux à environ 842 000 $. L'offre a été réalisée conformément à une déclaration d'enregistrement efficace au format S-3 précédemment déposée auprès de la SEC.

Sacks Parente Golf (Nasdaq: SPGC), ein technologieorientiertes Golfunternehmen, hat sein unterzeichnetes öffentliches Angebot über 366.000 Aktien des Stammkapitals abgeschlossen, wobei brutto Einnahmen von etwa 732.000 US-Dollar erzielt wurden. Das Unternehmen plant, die Nettomittel für allgemeine Unternehmens- und Betriebskapitalbedürfnisse zu verwenden. Das Angebot wurde am 10. Oktober 2024 geschlossen.

Aegis Capital Corp. fungierte als alleiniger Hauptbuchführer und hat eine 45-tägige Option erhalten, zusätzliche Aktien bis zu 15% des Angebots zu erwerben, um Überzeichnungen abzudecken. Wenn sie vollständig ausgeübt wird, könnte dies die gesamten Bruttoeinnahmen auf etwa 842.000 US-Dollar erhöhen. Das Angebot erfolgte gemäß einer wirksamen Registrierungserklärung auf dem Formular S-3, die zuvor bei der SEC eingereicht wurde.

Positive
  • Raised $732,000 in gross proceeds through public offering
  • Potential for additional $110,000 if over-allotment option is exercised
  • Funds to be used for general corporate and working capital needs
Negative
  • Potential dilution of existing shareholders' equity
  • amount raised may not significantly impact company's financial position
  • Offering nearly exhausts maximum amount raisable under current shelf registration

Insights

Sacks Parente Golf's $732,000 public offering is a relatively small capital raise for a public company, which may indicate investor interest or financial constraints. The dilution impact is minimal, with only 366,000 new shares issued. However, the company's intent to use proceeds for "general corporate and working capital needs" suggests potential cash flow challenges.

The additional 15% over-allotment option, if exercised, would bring total proceeds to about $842,000, exhausting the company's current shelf registration capacity. This limitation on future capital raises could be concerning for a small-cap company ($2.85 million market cap) in the competitive golf equipment industry.

Investors should note that while the offering provides some short-term liquidity, it may not be sufficient for significant growth initiatives. The company's ability to effectively utilize these funds and potentially improve its market position will be important for future performance.

CAMARILLO, CA, Oct. 10, 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 closing 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 closed on October 10, 2024.

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. acted as the sole book-running manager for the Offering. TroyGould PC acted as counsel to the Company. Kaufman & Canoles, P.C. acted 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 much did Sacks Parente Golf (SPGC) raise in its recent public offering?

Sacks Parente Golf (SPGC) raised gross proceeds of approximately $732,000 through its underwritten public offering of 366,000 shares of Common Stock, which closed on October 10, 2024.

What is the purpose of SPGC's recent public offering?

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

Does SPGC have the option to raise additional funds from this offering?

Yes, SPGC has granted Aegis Capital Corp. a 45-day option to purchase additional shares up to 15% of the offering to cover over-allotments, which could increase total gross proceeds to approximately $842,000 if fully exercised.

When did Sacks Parente Golf's (SPGC) public offering close?

The public offering closed on October 10, 2024.

Sacks Parente Golf, Inc.

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