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Investing.com -- Off The Hook YS Inc. (NYSE American:OTH), a yacht and boat wholesaler, began trading on the NYSE American Thursday at $3.50 per share, below its initial public offering price of $4.00 per share.
The company priced its IPO at $4.00 per share on Wednesday, offering 3,750,000 shares of common stock for gross proceeds of $15,000,000 before deducting underwriting discounts and offering expenses.
Off The Hook plans to use the proceeds for working capital to service its floorplan, advertise and market its inventory, make potential down payments to acquire and develop waterfront properties for storage and service centers, and repay a promissory note.
The company specializes in buying and selling yachts and boats, combining advanced technology, proprietary AI-assisted valuation tools, and a data-driven sales platform to bring greater transparency and efficiency to yacht transactions.
Over the past decade, Off The Hook has established itself as a prominent wholesaler in the marine industry, earning recognition as one of the 500 fastest-growing companies in the United States by Inc. 500 for two consecutive years. It is also consistently ranked as a Top 100 Dealer in the USA by Boating Industry magazine.
Currently, Off The Hook generates over $90 million in annual boat and yacht sales, operating across eight locations with a team of more than 35 sales representatives who handle transactions for over 400 vessels each year.
The company has granted the underwriters a 45-day option to purchase up to an additional 562,500 shares of common stock at the initial public offering price, less underwriting discounts and commissions, to cover any over-allotments.
ThinkEquity is serving as the sole book-running manager for the offering.
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