Maverick Lifestyle, which sells branded hemp-based smokables and related products, raised the proposed deal size for its upcoming IPO on Monday.
The Stantonsburg, NC-based company now plans to raise $6 million by offering 1.2 million shares at a price range of $4.50 to $5. The company had previously filed to offer 0.8 million shares at a range of $4.50 to $5.50. At the midpoint of the revised range, Maverick Lifestyle will raise 45% more in proceeds than previously anticipated and command a fully diluted market value of $55 million.
Maverick Lifestyle is primarily engaged in the manufacturing, branding, marketing, distribution, and sale of hemp-derived cannabinoid products. The company currently has five brands in its portfolio: DVNT (Deviant), STAR USA, BLAZ, Green & Wild, and 2sies. Its current products include pre rolled hemp joints and hemp cigarettes, hemp cigarillos, blunts, disposable vapes, gummies, and puff ball edibles, all of which are farm bill compliant with less than .3% delta 9 THC.
Maverick Lifestyle was founded in 2019 and booked $3 million in sales for the 12 months ended June 30, 2024. It plans to list on the Nasdaq under the symbol MVRK. Joseph Gunnar is the sole bookrunner on the deal.
