Maverick Lifestyle, which sells branded hemp-based smokables and related products, announced terms for its IPO on Wednesday.
The Stantonsburg, NC-based company plans to raise $4 million by offering 0.8 million shares at a price range of $4.50 to $5.50. At the midpoint of the proposed range, Maverick Lifestyle would command a fully diluted market value of $52 million.
Because the company plans to raise less than $5 million, Maverick Lifestyle will be excluded from Renaissance Capital's 2024 IPO stats.
Maverick Lifestyle is primarily engaged in the manufacturing, branding, marketing, distribution, and sale of hemp-derived cannabinoid products. The company currently has five brands in its portfolio: DVNT (Deviant), STAR USA, BLAZ, Green & Wild, and 2sies. Its current products include pre rolled hemp joints and hemp cigarettes, hemp cigarillos, blunts, disposable vapes, gummies, and puff ball edibles, all of which are farm bill compliant with less than .3% delta 9 THC.
Maverick Lifestyle was founded in 2019 and booked $2 million in sales for the 12 months ended September 30, 2023. It plans to list on the Nasdaq under the symbol MVRK. Boustead Securities and Sutter Securities are the joint bookrunners on the deal.
