Powell Max sells 721,000 shares in $721,000 private placement second closing
PMAX•Powell Max raised $721,000 by selling 721,000 Class C ordinary shares to 16 purchasers in the second closing of its private placement. The company has sold 2,421,000 shares for $2.421 million gross to date.
1. Second closing
Powell Max said the second closing of its best-efforts private placement raised $721,000 from 721,000 Class C ordinary shares sold at $1 per share to 16 purchasers. The placement covers up to 4 million shares; the first closing raised $1.7 million on Aug. 24, 2026, with net proceeds of about $1,191,500.
2. Fees and proceeds
Total shares sold to date are 2,421,000, for $2,421,000 in gross proceeds. Powell Max said proceeds are earmarked for working capital and general corporate purposes. Spartan Capital Securities earned a 10% cash fee per closing, and warrants cover 242,100 Class A shares at an exercise price of $1.50.
