SolarMax Technology, which operates solar farms in China and sells solar energy systems in the US, filed on Tuesday with the SEC to raise up to $30 million in an initial public offering. The company had previously filed in December 2018, planning to raise $16 million at a $299 million market cap, but withdrew in October 2020 following the announcement of a merger agreement with SPAC Alberton Acquisition (formerly Nasdaq: ALAC). However, the merger was terminated in April 2022, with SolarMax citing deadline concerns.
The Riverside, CA-based company plans to raise $30 million by offering 7.5 million shares at $4. At the proposed price, SolarMax Technology would command a market value of $190 million.
SolarMax states that it is an integrated solar and renewable energy company, operating in the US and China. Its US operations primarily consist of the sale and installation of photovoltaic and battery backup systems for residential and commercial customers, financing the sale of its photovoltaic and battery backup systems, and the sale of LED systems and services to government and commercial users. Its China operations are conducted through subsidiaries and consist of identifying and procuring solar farm projects for resale to third parties and performing EPC services primarily for solar farm projects.
The company was founded in 2008 and booked $40 million in revenue for the 12 months ended March 31, 2022. It plans to list on the Nasdaq under the symbol SMXT. SolarMax Technology filed confidentially on May 16, 2022. ViewTrade is the sole bookrunner on the deal.
