SolarMax Technology, which sells solar energy systems in the US and works on solar farm projects in China, lowered the proposed deal size for its upcoming IPO on Friday. In its latest filing, the company also disclosed financials for the three months ended March 31, 2023.
The Riverside, CA-based company now plans to raise $18 million by offering 4.5 million shares at $4. The company had previously filed to offer 7.5 million shares at the same price. At the revised terms, SolarMax Technology will raise 40% less in proceeds than previously anticipated.
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. SolarMax's China operations did not generate any revenue in 2022.
SolarMax Technology was founded in 2008 and booked $48 million in revenue for the 12 months ended March 31, 2023. It plans to list on the Nasdaq under the symbol SMXT. Kingswood Capital Markets is the sole bookrunner on the deal.
