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Sacks Parente Golf Inc. Announces Pricing 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 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.

Sacks Parente Golf (Nasdaq: SPGC), un'azienda golfistica orientata alla tecnologia, ha annunciato la determinazione del prezzo della sua offerta pubblica sottoscritta di 366.000 azioni di azioni ordinarie. Si prevede che l'offerta possa raccogliere un ricavato lordo di circa $732.000, prima di dedurre sconti di sottoscrizione e altre spese. L'azienda prevede di utilizzare il ricavato netto per esigenze generali aziendali e di capitale circolante.

Si prevede che l'offerta si chiuda intorno al 10 ottobre 2024. Aegis Capital Corp. agirà come unico gestore dell'operazione e ha ricevuto un'opzione di 45 giorni per acquistare azioni aggiuntive fino al 15% dell'offerta per coprire eventuali sovrabbondanze. Se completamente esercitata, ciò potrebbe portare il totale del ricavato lordo a circa $842.000. L'offerta è effettuata in base a una registrazione efficace presentata in precedenza all SEC utilizzando il modulo S-3.

Sacks Parente Golf (Nasdaq: SPGC), una empresa de golf orientada a la tecnología, ha anunciado la fijación del precio de su oferta pública suscrita de 366,000 acciones de acciones ordinarias. Se espera que la oferta genere un ingreso bruto de aproximadamente $732,000, antes de deducir los descuentos de suscripción y otros gastos. La empresa planea utilizar los ingresos netos para necesidades generales corporativas y de capital de trabajo.

Se espera que la oferta cierre alrededor del 10 de octubre de 2024. Aegis Capital Corp. actuará como el único administrador de libros 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 el ingreso bruto total a alrededor de $842,000. La oferta se realiza según una declaración de registro efectiva presentada anteriormente ante la SEC en el formulario S-3.

Sacks Parente Golf (Nasdaq: SPGC), 기술 중심의 골프 회사가 366,000주의 보통주 공모가를 발표했습니다. 이 공모를 통해 약 $732,000의 총 수익이 예상되며, 마감 수수료 및 기타 비용을 공제하기 전의 금액입니다. 회사는 순수익을 일반 기업 운영 및 운영 자금에 사용할 계획입니다.

공모는 2024년 10월 10일 경에 마감될 것으로 예상됩니다. Aegis Capital Corp.가 단독 북 관리자로 활동하며, 초과 배정을 충당하기 위해 전체 공모의 15%에 해당하는 추가 주식을 구매할 수 있는 45일 옵션이 부여되었습니다. 이 옵션이 전액 행사될 경우 총 수익은 약 $842,000으로 증가할 수 있습니다. 이 공모는 SEC에 이전에 제출된 S-3 양식에 따라 유효한 등록 명세서에 따라 진행됩니다.

Sacks Parente Golf (Nasdaq: SPGC), une entreprise de golf axée sur la technologie, a annoncé le prix de son offre publique souscrite de 366 000 actions d'actions ordinaires. On s'attend à ce que l'offre génère des recettes brutes d'environ 732 000 $, avant déduction des remises de souscription et des autres frais. L'entreprise prévoit d'utiliser le produit net pour les besoins généraux de l'entreprise et le fonds de roulement.

L'offre devrait se clôturer aux alentours du 10 octobre 2024. Aegis Capital Corp. agit en tant que gestionnaire principal et s'est vu accorder 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 porter le produit brut total à environ 842 000 $. L'offre est faite conformément à un énoncé d'enregistrement effectif sur le formulaire S-3 précédemment déposé auprès de la SEC.

Sacks Parente Golf (Nasdaq: SPGC), ein technologieorientiertes Golfunternehmen, hat die Preisgestaltung seines unterzeichneten öffentlichen Angebots von 366.000 Aktien des Stammkapitals bekannt gegeben. Es wird erwartet, dass das Angebot brutto Einnahmen von etwa $732.000 erzielen wird, bevor Underwriting-Discounts und andere Kosten abgezogen werden. Das Unternehmen plant, die Nettoeinnahmen für allgemeine Unternehmens- und Betriebskapitalbedarfe zu verwenden.

Die Schließung des Angebots wird für etwa 10. Oktober 2024 erwartet. Aegis Capital Corp. fungiert als alleiniger Buchführer und hat eine 45-tägige Option erhalten, zusätzliche Aktien von bis zu 15 % des Angebots zu erwerben, um Überzeichnungen abzudecken. Bei vollständiger Ausübung könnte dies zu einem Gesamtbruttoergebnis von etwa $842.000 führen. Das Angebot erfolgt gemäß einer effektiven Registrierungsmitteilung auf dem Formular S-3, die zuvor bei der SEC eingereicht wurde.

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

Insights

Sacks Parente Golf's $732,000 public offering is a relatively small capital raise for a Nasdaq-listed company, potentially indicating liquidity challenges. The pricing at $2 per share suggests a significant discount to recent trading levels, which could dilute existing shareholders.

The company's intent to use proceeds for "general corporate and working capital needs" rather than specific growth initiatives may raise concerns about its financial health. The additional 15% over-allotment option, if exercised, would bring total proceeds to $842,000, exhausting their current shelf registration capacity.

This capital raise, while providing short-term liquidity, may not be sufficient for long-term growth in the competitive golf equipment market. Investors should closely monitor the company's cash burn rate and future financing needs. The small offering size relative to the company's $5.6 million market cap suggests investor interest or ability to raise larger amounts, which could impact future growth prospects.

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.

Sacks Parente Golf, Inc.

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