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CHARLOTTE, N.C., May 18, 2023 (Global Newswire) — Strong Global Entertainment, Inc. (the “Company”) (NYSE: SGE ) announced today the closing of its initial public offering of 1,000,000 Class A common voting shares (the “Common Stock”) (“IPO”), based on a public offering price of $4.00 per share, for gross proceeds of $4 million, before deducting underwriting discounts and offering expenses. In addition, the company granted the underwriters a 45-day option to purchase up to 150,000 additional shares of common stock to cover the over-allotment at the IPO price less the underwriting discount.
Net proceeds from the IPO are intended for general corporate purposes, which may include (i) working capital, (ii) capital expenditures, (iii) operational purposes, and (iv) potential acquisitions of complementary businesses.
ThinkEquity is acting as sole book-running manager for the IPO.
A registration statement on Form S-1 (File No. 333-264165) relating to common stock was filed with the Securities and Exchange Commission (“SEC”) and became effective May 15, 2023. An IPO is only by means of a prospectus. Copies of the final prospectus may be obtained from ThinkEquity, 17 State Street, 41Yingshi Floor, New York, New York 10004.A final prospectus has been filed with the SEC and is available on the SEC website at http://www.sec.gov.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under any such state or jurisdiction the securities laws of the jurisdiction.
With regard to the IPO, the company also completed the separation of the entertainment business from FG Group Holdings Inc. and its contribution to the company by entering into various agreements. These agreements are effective immediately prior to the close of the IPO.
about Strong Global Entertainmentcompany
Strong Global Entertainment, Inc. is positioned as a leader in the entertainment industry, having provided mission-critical products and services to theater exhibitors and entertainment venues for more than 80 years. The company manufactures and distributes high-quality large-format projection screens and provides comprehensive management services, technical support and related products and services primarily to theater exhibitors, theme parks, educational institutions and similar venues. In addition to traditional projection screens, the company also manufactures and sells Eclipse curved screens designed for theme parks, immersive exhibits and simulation applications. It also provides maintenance, repair, installation, network support services and other services primarily to theater operators in the United States. The company also owns Strong Studios, Inc., which develops and produces original feature films and television series.
forward-looking statement
This press release contains “forward-looking statements” that are subject to significant risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release can be identified by the use of words such as “expects,” “believes,” “considers,” “may,” “estimates,” “anticipates,” “intends,” “seeks,” and similar expressions,” “may,” “might,” “plan,” “potential,” “forecast,” “project,” “goal,” “goal,” “should,” “will,” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on the company’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. In addition, certain forward-looking statements are based on assumptions about future events, which may not prove to be accurate. These and other risks and uncertainties are set forth in the section entitled “Risk Factors” in the definitive prospectus filed with the Securities and Exchange Commission in connection with the public offering Fuller Description. Forward-Looking – The statements contained in this announcement are made as of the date hereof and the Company undertakes no obligation to update such information, except as required by applicable law.
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