: Sacks Parente Golf’s stock soars 118% in trading debut on Nasdaq

Sacks Parente Golf Inc.’s stock SPGC was up 118% Tuesday on its first day of trading on the Nasdaq, after the company upsized its initial public offering by 200,000 shares at pricing. The deal priced at $4.00 a share, the low end of a proposed $4 to $5 range. Underwriter The Benchmark Company sold 3.2 million shares to raise $12.8 million shares with proceeds earmarked for expansion into Asia, marketing and professional tour related expenses and working capital, among other things. The stock is trading under the ticker “SPGC.” The company is not profitable; it had a net loss of $3.5 million in 2022, wider than the loss of $302,000 posted in the year-earlier period. Revenue fell to $190,000 from $200,000 in 2021. “We design, manufacture and sell technology-forward, high-quality golf equipment, which is comprised of putting instruments, golf shafts, golf grips and related product groups,” the company says in its IPO filing documents. The Renaissance IPO ETF IPO has gained 30% in the year to date, while the S&P 500 SPX has gained 16%.

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