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MaxsMaking Inc. (MAMK) completed its initial public offering Tuesday, raising $6.5 million through the sale of 1.625 million shares at $4.00 per share. The Shanghai-based manufacturer of customized consumer goods began trading on the Nasdaq Capital Market Monday under the ticker symbol "MAMK."
The company sold shares with a par value of $0.01 each, generating gross proceeds of $6.5 million before deducting underwriting discounts and offering expenses. MaxsMaking has granted the underwriter an option to purchase up to an additional 243,750 shares within 45 days to cover over-allotment.
Joseph Stone Capital, LLC served as the sole underwriter for the offering, which was conducted on a firm commitment basis. Ellenoff Grossman & Schole LLP acted as U.S. counsel to the company, while Davidoff Hutcher & Citron LLP represented the underwriter.
The company plans to allocate approximately 45% of the proceeds toward construction of production facilities and expansion of production scale. About 20% will go toward potential strategic investments and acquisitions, while 15% is earmarked for new hires across sales, IT, production and management departments. Marketing will receive approximately 12% of the funds, with the remaining 8% designated for product and software research and development.
Founded in 2007 and headquartered in Shanghai, MaxsMaking operates production facilities in China’s Zhejiang and Henan provinces. The company manufactures customizable products including backpacks, shopping bags, aprons and promotional items, integrating digital production, software development, product design, brand management, online sales and international trade.
The SEC declared the company’s registration statement on Form F-1 effective July 3, according to the press release statement.