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Powersports Business • May 2024 • 21
Denago PowerSports advocates for off-road community
Denago PowerSports has partnered with the California Off-Road Vehicle Association ( Corva ) and Tread Lightly to advocate for off-road rider safety , security and education . These two organizations represent the off-road community with memberdriven education and training and each is committed to promoting responsible off-road recreation . |
Corva is primarily devoted to the state of California , but the association is also active in lobbying for the off-road community in Washington , D . C . Corva ’ s slogan is “ Protecting public land for the people not from the people .” Tread Lightly is a national non-profit organization that promotes the responsible use of motorized vehicles when recreating outdoors . Its goal is to |
balance the off-road and off-highway vehicle user ’ s need for adventure with the need to conserve where they ride and explore .
“ Supporting activists and education organizations like Corva and Tread Lightly is very important to Denago ,” says David Garibyan , general manager of Denago Powersports . “ Without education ,
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training and controlled places to ride , the future of the industry is unclear . We are very excited to get involved , as it is essential that we all protect our right to ride .” |
Massimo Group launches $ 5.85 million IPO
Massimo Group , a manufacturer and distributor of powersports vehicles and pontoon boats , announced the pricing of its initial public offering of 1,300,000 shares of its common stock at a price of $ 4.50 per share .
The gross proceeds to Massimo from the offering , before deducting underwriting discounts and commissions and other offering expenses , are expected to be $ 5.85 million . In addition , the company has granted the underwriters a 45−day option from the closing of the IPO to purchase up to an additional 195,000 shares of common stock at the public offering price , less underwriting discounts and commissions .
The offering closed on April 4 , 2024 , subject to the satisfaction of customary closing conditions . The shares will begin trading on the Nasdaq Capital Market on April 2 , 2024 , under the symbol “ MAMO .”
The company expects to use the net proceeds from the sale of the shares for marketing and promotion of its branded products to expand its business ; further research and development activities , which are expected to include efforts to develop new products and new electric vehicle-related technology ; establish new assembly and distribution operations ; and expand recruitment of personnel . The company also plans to use a portion of the net proceeds from the offering as working capital .
A registration statement relating to the securities being sold in this offering has been filed with the U . S . Securities and Exchange Commission ( SEC ) and became effective on March 26 , 2024 . A copy of the registration statement can be accessed through the SEC ’ s website at www . sec . gov .
When available , a copy of the final prospectus relating to this offering may be obtained from Craft Capital Management , LLC , or by email at SKiront @ craftcm . com , or from R . F . Lafferty & Co ., Inc ., by telephone 212−293−9015 , or by email at Offerings @ rflafferty . com .
Massimo ’ s 286,000−square-foot factory is in the heart of the Dallas-Fort Worth area of Texas , in the city of Garland .
Massimo has announced an IPO of 1.3 million shares and expects to raise $ 5.85 million from the offering on the Nasdaq exchange under the symbol
MAMO . Photo courtesy of Massimo Group