SolarMax Technology, which sells solar energy equipment and LED light systems, raised $18 million by offering 4.5 million shares at $4.00. The company announced its pricing and began trading on Tuesday, opening below issue at $3.50 but finishing at $8.00, for a day-one return of 100%.
SolarMax had a long road to its IPO. The company first filed confidentially in late 2016, submitted its public filing in 2018, withdrew its IPO in favor of a SPAC merger with Alberton Acquisition in 2020, terminated its SPAC merger in 2022 when the SEC did not declare its registration statement effective in time, and re-filed for a Nasdaq IPO in July 2022.
The Riverside, CA-based company describes itself as an integrated solar energy company. It primarily sells and installs integrated photovoltaic systems for residential and commercial customers in the US. It also provides LED lighting and retrofitting services for governmental and commercial applications. The company owns a unit that provides solar project services in China, although it has not produced revenue for the past two years. Its two executive officers and half of its board are based in the US, with the other half based in China or Taiwan.
SolarMax Technology listed on the Nasdaq under the symbol SMXT. Kingswood Capital Markets acted as sole bookrunner on the deal. During the nine months ended 9/30/2023, it generated $42 million in revenue, and net income of $0.4 million.
