Cinema equipment vendor Strong Global Entertainment (SGE) said that it is still seeking to raise around $15M through a proposed initial public offering.
In a recent filing, Strong said that it’s looking to offer 3M shares at the assumed price of $5 per share. Underwriters would receive an option to buy up to 450K additional shares. Think Equity is serving as lead bookrunner.
A spin out of Ballantyne Strong (NYSE:BTN), Strong Global is a manufacturer and distributor of screen projection systems to cinema operators such as IMAX, Cinemark and AMC. The company also provides technical support services and recently launched a content production division called Strong Studios.
Following the deal, Ballantyne Strong is expected to own 67% of the company’s common stock and hold a majority of the voting power.
Strong Global is currently profitable. For the six months ended June 30, the company reported a net income of $206K on revenue of $18.5M.
For more on Strong Global, check out SA contributor Donovan Jones’s “Strong Global Entertainment Proposes IPO Terms.”
Image and article originally from seekingalpha.com. Read the original article here.