Sacks Parente Golf prices 7M units at $1.20 in upsized public offering

Sacks Parente Golf (SPGC) announced the pricing of a firm commitment underwritten public offering with gross proceeds to the Company expected to be approximately $8.4M, before deducting underwriting fees and other estimated offering expenses payable by the Company. The offering consists of 7,000,000 Common Units, each consisting of one share of Common Stock or one Pre-Funded Warrant to purchase one share of Common Stock, one Series A Common Warrant to purchase one share of Common Stock per warrant, and one Series B Common Warrant to purchase one share of Common Stock per warrant. The public offering price per Common Unit is $1.20. The Pre-Funded Warrants will be immediately exercisable and may be exercised at any time until exercised in full. For each Pre-Funded Unit sold in the offering, the number of Common Units in the offering will be decreased on a one-for-one basis. The initial exercise price of each Series A Common Warrant is $2.40 per share of Common Stock. The Series A Common Warrants are exercisable following stockholder approval and expire 60 months thereafter. The initial exercise price of each Series B Common Warrant is $2.40 per share of Common Stock or pursuant to an alternative cashless exercise option. The Series B Common Warrants are exercisable following stockholder approval and expire 30 months thereafter. In addition, the Company has granted Aegis Capital a 45-day option to purchase additional shares of Common Stock representing up to 15.0% of the number of shares of Common Stock, up to 15.0% of the number of Series A Common Warrants, and up to 15.0% of the number of Series B Common Warrants, respectively, sold in the offering, solely to cover over-allotments, if any. The purchase price to be paid per additional share of Common Stock will be equal to the public offering price of one Common Unit. Aggregate gross proceeds to the Company are expected to be approximately $8.4less than. The transaction is expected to close on or about December 13, 2024, subject to the satisfaction of customary closing conditions. The Company expects to use the net proceeds from the offering, together with its existing cash, for general corporate purposes and working capital. Aegis Capital Corp. is acting as the sole book-running manager for the offering. TroyGould is acting as counsel to the Company. Kaufman & Canoles, P.C. is acting as counsel to Aegis Capital Corp.