Financing ·
Powell Max raises $2.4M in private placement and agrees to pay Spartan $1.2M for consulting
PMAXPowell Max Ltd
Powell Max Limited completed two closings of a best-efforts private placement, selling 2,421,000 Class C ordinary shares at $1.00 per share for aggregate gross proceeds of $2,421,000. The company also entered into a Consulting and M&A Agreement with Spartan Capital Securities, agreeing to pay a one-time cash fee of $500,000 and equity fees valued at $700,000 in Class C shares for merger advisory services. Net proceeds from the financing were approximately $1,191,500 after placement agent fees and expenses. The company intends to use the net proceeds for general corporate purposes and working capital. Powell Max Limited operates as a holding company focused on acquiring and developing businesses in various industries.