Sacks Parente Golf Inc. (SPGC)sharesscored a moonshot today. The stock jumped 624.25 percent in its NASDAQ debut today (Tuesday, Aug. 15, 2023). The stock surged in afternoon trading to touch a session high at $24.00 – up $20.00 from its $4.00 IPO price. A moonshot occurs whenever a stock gains 100 percent or more – doubling its IPO price or more – in its first day of trading as a public company. Sacks Parente Golf got off to a promising start. The stock opened at 11:12 a.m. EDT today at $4.40 – up 40 cents or up 10 percent from its IPO price. At the close, Sacks Parente Golf was at $28.97 – up $24.97 for a whopping gain of 624.25 percent. The California-based golf products manufacturer priced its IPO at $4.00 – the low end of its $4.00-to-$5.00 range – on Monday night (Aug. 14, 2023). Sacks Parente Golf added 200,000 shares at pricing – increasing the IPO’s size to 3.2 million shares from 3.0 million in the prospectus. Sacks Parente Golf’s IPO raised $12.8 million.
The Benchmark Company acted as the sole book-runner.
Sacks Parente Golf’s IPO was one of two micro-cap initial public offerings priced on Monday night (Aug. 14, 2023). SRM Entertainment(SRM), a toy and theme park souvenir manufacturer, priced its IPO, raising $6.25 million. Shares of SRM Entertainment slid on their NASDAQ debut today. EF Hutton was the sole book-runner for SRM Entertainment’s micro-cap IPO. The Jupiter, Florida-based company was spun off by its parent, Jupiter Wellness.
Sacks Parente Golf,based in Camarillo, California, describes itself as “a technology-forward golf company,” according to the prospectus. Its growing portfolio of golf products includes putting instruments, golf shafts, golf grips and other golf-related products.
In April 2022, Sacks Parente Golf, Inc. expanded its manufacturing business to include advanced premium golf shafts by opening a new shaft manufacturing facility in St. Joseph, Missouri, the prospectus says. The company anticipates expanding into golf apparel and other golf-related product lines to enhance its growth.
“Our putting instruments are generally made of steel, aluminum, titanium alloys, carbon fiber, tungsten, and various other materials, including our patented magnesium face plate technologies,” the prospectus says. “All of our products are currently sold under the SPG brand, but we intend to private label and sell certain components to interested third parties.”
Sacks Parente Golf is not profitable. The company reported a net loss of $3.51 million on $190,000 in revenue for the year that ended Dec. 31, 2022, according to financial statements in the prospectus.
Mid-August Flurry of Micro-Cap Deals
As for the rest of theIPO Calendarthis week, bankers are hustling to get micro-cap deals done. Tiny deals account for six of the eight IPOs on the IPO Calendar for the week of Aug. 14, 2023. That’s a flurry of activity for the second week of August. On or around Aug. 15, the IPO market traditionally slows down at the end of the summer. This week also marks a stepped-up pace from last week. In the week of Aug. 7, 2023, which was the first full week of August, bankers priced only three micro-cap IPOs to raise $26.6 million:Fitell Corp. (FTEL), NeurAxis Inc.(NRXS) and LQR House (LQR).
This week’sIPO Calendarsports two outliers – the $72.0 million IPO of cancer biotechAdlai Norteye Ltd. (ANL proposed)and the $80.0 million SPAC IPO of 99 Acquisition Group (NNAGU proposed).
Stay tuned.
(For more information about these companies, please check the IPOCalendarand the individual IPO Profiles found on IPOScoop.com’s website.)
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