SolarMax Technology, a solar energy company providing solar farm systems to the US and China, lowered the proposed deal size for its upcoming IPO on Wednesday.
The Riverside, CA-based company now plans to raise $16 million by offering 4 million shares at a price of $4. The company had previously filed to offer 3 million shares at a range of $5 to $7. At the midpoint of the revised price, SolarMax Technology will raise 11% less in proceeds than previously anticipated.
SolarMax Technology was founded in 2008 and booked $90 million in sales for the 12 months ended December 31, 2018. It plans to list on the Nasdaq under the symbol SMXT. ViewTrade is the sole bookrunner on the deal
