SolarMax Technology, Inc. Announces Closing of Initial Public Offering

RIVERSIDE, CA, Feb. 29, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire – SolarMax Technology, Inc. (“SolarMax” or the “Company”) (Nasdaq: SMXT), an integrated solar energy company, today announced the closing of its initial public offering of 4,500,000 shares of common stock at an initial public offering price of $4.00 per share.  Gross proceeds were $18 million, prior to deducting the underwriting discounts, commissions and offering expenses payable by the Company.  In addition, SolarMax has granted the underwriters a 45-day option to purchase an additional 675,000 shares of common stock at the initial public offering price, less underwriting discounts and commissions, to cover over-allotments.  The common stock began trading on The Nasdaq Global Market on February 27, 2024 under the symbol SMXT.  

Kingswood, a division of Kingswood Capital Partners, LLC (“Kingswood”), is acting as sole bookrunner for the offering. 

A registration statement on Form S-1 (File No. 333-266206) relating to the offering has been filed with the U.S. Securities and Exchange Commission (the "SEC"), which was declared effective on February 12, 2024. The offering was made only by means of a prospectus.  A copy of the final prospectus relating to the offering may be obtained on the SEC’s website at www.sec.gov  and from Kingswood, by email at [e-mail] or by calling 561-961-0505 or standard mail at Kingswood Capital Partners, LLC, 7280 W Palmetto Park Rd., Suite 301, Boca Raton, FL 33433.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sales of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. 

About SolarMax Technology Inc.
SolarMax is an integrated solar and renewable energy company. A solar energy system retains the direct current (DC) electricity from the sun and converts it to alternating current (AC) electricity that can be used to power residential homes and commercial businesses. The solar business is based on the ability of the users of solar energy systems to save on energy costs and reduce their carbon imprint as compared with power purchased from the local electricity utility company. SolarMax was founded in 2008 to engage in the solar business in the United States and commenced operations in China in 2016. SolarMax’s United States operations primarily consist of the sale and installation of photovoltaic and battery backup systems for residential and commercial customers and sales of LED systems and services to government and commercial users.  SolarMax’s China operations consist primarily of identifying and procuring solar farm projects for resale to third parties and performing EPC services primarily for solar farm projects.   All of SolarMax’s revenues for 2022 and 2023 has been generated by its United States operations.