The Marygold Companies, a holding company with subsidiaries in fund management, food and beauty products, and security, lowered the proposed deal size for its upcoming NYSE American uplisting on Thursday.
The San Clemente, CA-based company now plans to raise $3 million by offering 1.3 million shares at $2.25, below the last close of its shares on the OTC Pink (CNCG; $3). The company had previously filed to offer 2.4 million shares at $3.35, the January 24 close of its shares. At the revised deal size, The Marygold Companies will raise -63% less in proceeds than previously anticipated and command a fully diluted market value of $90 million. Because the company now anticipates raising less than $5 million, The Marygold Companies is no longer eligible for tracking and will be excluded from Renaissance Capital's stats.
The Marygold Companies is a holding company with wholly-owned subsidiaries engaged in a variety of business activities, including commodity-focused fund management, commercial food production, hair and skin care beauty products, and security systems.
The Marygold Companies was founded in 1996 and booked $38 million in revenue for the 12 months ended December 31, 2021. It plans to list on the NYSE American under the symbol MGLD. Maxim Group LLC is the sole bookrunner on the deal.
