Core Insights - Spartan Capital Securities, LLC acted as the sole placement agent for a $17 million private investment in public equity (PIPE) financing for Powell Max Limited [1][2] Financing Details - Powell Max Limited entered into a securities purchase agreement with accredited investors, agreeing to issue units consisting of one Class C ordinary share and a warrant to purchase Class A ordinary shares, with total gross proceeds of $17 million [2] - The purchase warrants have no specific term and an exercise price of $0.001 per Class A ordinary share, subject to adjustments [3] - The company plans to use $9.4 million of the net proceeds to repurchase 1,449,732 Class A ordinary shares from Bliss on Limited, with the remainder allocated for general corporate purposes [3] Company Overview - Powell Max Limited is a financial communications services provider based in Hong Kong, offering services that support capital market compliance and transaction needs for corporate clients [5] - The company's services include financial printing, corporate reporting, communications, and language support, catering to both domestic and international companies listed in Hong Kong [5]
Spartan Capital Securities, LLC Serves as Sole Placement Agent in Powell Max Limited's $17 Million PIPE Financing (Nasdaq: PMAX)