Sacks Parente Golf, which designs and manufactures premium golf putters, lowered the proposed deal size for its upcoming IPO on Thursday.
The Camarillo, CA-based company now plans to raise $14 million by offering 3 million shares at a price range of $4 to $5. The company had previously filed to offer 4.4 million shares at the same range. At the midpoint, Sacks Parente Golf will raise 32% less in proceeds than previously anticipated.
The company states that its shaft and putter technology was shown by The Golf Lab to improve players' ability to make putts, feel of the putter head, stroke, face angle at impact, and consistency for distance control. The company intends to manufacture and assemble substantially all of its products in the US.
Sacks Parente Golf was founded in 2018 and plans to list on the Nasdaq under the symbol SPGC. The Benchmark Company is the sole bookrunner on the deal.
