Strong Global Entertainment, a maker of premium projection screens being spun out of Ballantyne Strong, lowered the proposed deal size for its upcoming IPO on Wednesday. In its latest filing, the company also disclosed financials for the nine months ended September 30, 2022.
The Charlotte, NC-based company now plans to raise $10 million by offering 2 million shares at $5. The company had previously filed to offer 3 million shares at the same price. At the revised terms, Strong Global Entertainment will raise -33% less in proceeds than previously anticipated.
If the company's market cap is below $50 million at pricing, Strong Global Entertainment will be excluded from Renaissance Capital's 2022 IPO stats.
Strong Global Entertainment manufactures and distributes premium large format projection screens, provides comprehensive managed services, technical support, and related products and services primarily to cinema exhibitors, theme parks, educational institutions, and similar venues. The company has contractual relationships to supply projection screens and coatings to IMAX, AMC, Cinemark, along with other cinema operators worldwide. Other products include projectors, servers, audio systems, and other third-party products including lenses and lamps to customers in North and South America.
Strong Global Entertainment was founded in 1932 and booked $38 million in revenue for the 12 months ended September 30, 2022. It plans to list on the NYSE American under the symbol SGE. ThinkEquity is the sole bookrunner on the deal.
