Off The Hook YS Inc. (NYSE American: OTH), a yacht and boat wholesaler specializing in the buying and selling of yachts and boats, announced the successful completion of its initial public offering, raising approximately $15.0 million in gross proceeds, before underwriting discounts and offering expenses.
The offering consisted of 3,750,000 shares of common stock priced at $4.00 per share. In addition, the Company granted the underwriters a 45-day option to purchase up to 562,500 additional shares of common stock at the initial public offering price, less underwriting discounts, to cover over-allotments, if any.
Net proceeds from the offering are expected to be used to service the Company’s floorplan, support advertising and marketing initiatives, and for general working capital purposes.
Lucosky Brookman LLP served as counsel to Off The Hook YS Inc. in connection with the initial public offering. ThinkEquity acted as the sole book-running manager for the offering.
