Sacks Parente Golf Inc. ($SPGC) has seen a spike in retail chatter on Stocktwits following the pricing of a $8.5 million public offering earlier this week. The increased activity comes despite the company’s stock reaching a record low.
Sacks stock hit a new record low on Monday, closing at $0.28.
Sacks Parente’s offering consisted of seven million common units, or pre-funded 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 common stock per warrant; and one Series B common warrant to purchase one share of common stock per warrant, the company said in a press release.
The public offering price per common unit was $1.20. The pre-funded warrants will be immediately exercisable and may be exercised at any time until exercised in full, the statement added.
Sacks plans to use the net proceeds for general corporate purposes and working capital needs.
In addition, Sacks granted Aegis Capital a 45-day option to purchase additional shares of its common stock representing up to 15% of its common stock, or up to 15% of the number of Series A Common Warrants, and up to 15% of the number of Series B Common Warrants, respectively, sold in the offering.
Message count among Stocktwits users has surged by 1,300% following the news, with a mixed take on the news.
Sacks Parente Golf makes golf products, including putters, golf shafts, golf grips, and other golf-related accessories.
Its stock is down 95% year-to-date.
For updates and corrections, email newsroom[at]stocktwits[dot]com.