SunScout Holding, a New Zealand-based developer of autonomous solar-powered mowers and other solar products, raised $15.5 million by offering 3.1 million shares at $5.00, the low end of the $5.00 to $6.00 range. It had originally filed to raise $22 million by offering 4.0 million shares at that range.
SunScout Holding develops and manufactures autonomous robotic lawn mowers powered by integrated solar energy systems. Its products are designed to operate independently of both gasoline engines and grid-connected electricity by using onboard deployable solar panels to recharge batteries, eliminating the need for fixed charging stations. Through this approach, the company aims to reduce emissions, extend operating range, and lower energy-related costs associated with traditional and electric lawn mowing equipment.
The Palmerston North, New Zealand-based company will trade on the NYSE American and NYSE Texas under the symbol SNSC. Dominari Securities and Revere Securities acted as joint bookrunners on the deal.
