Movie screen maker and content producer Strong Global Entertainment (SGE) has downsized its proposed initial public offering by 33% to $10M from $15M.
Strong Global said in a filing that it is now planning to offer 2M shares priced at $5 per share, an assumed price that could likely change. Underwriters would be granted a 45-day option to buy up to 300K additional shares to cover any over-allotments.
The company hopes to list its shares on NYSE under the symbol SGE. Think Equity is serving as lead bookrunner.
In October, Stong proposed offering 3M shares priced at $5 per share.
A spin out of Ballantyne Strong (NYSE:NYSE:BTN), Strong Global is a provider of projection screens and support services to cinema operators such as IMAX, Cinemark and AMC. The company also produces feature films and series through its Strong Studios unit.
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.