By Josh Beckerman
SolarMax Technology debuted on Nasdaq Tuesday, following years of steps toward a public listing, with shares recently trading up 47% from the initial public offering price.
The stock was recently at $5.89, with an intraday range of $3.50 to $9.35. The 4.5 million-share IPO priced at $4 each.
The Riverside, Calif., solar energy company submitted a confidential draft registration statement in November 2016 and disclosed its plans in a December 2018 filing. After several amendments, SolarMax said in 2020 it would drop IPO plans and agreed to go public through a merger with blank-check company Alberton Acquisition. The deal was terminated in April 2022 and SolarMax filed another Form S-1 in July 2022.
SolarMax, which has U.S. and China operations, plans to use proceeds for working capital and other corporate purposes, including payments to its chief executive, its former chief operating officer and one employee for the company’s purchase of their stock in 2019. SolarMax may also use proceeds for payments on loans and convertible notes.
For the nine months ended Sept. 30, SolarMax had revenue of $41.9 million, compared with $30.3 million a year earlier.
Write to Josh Beckerman at [email protected]
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