Pinnacle Food Group said Monday that it priced its initial public offering of 1.8 million Class A common shares at $4 per share for total gross proceeds of $7.2 million.
The shares have been approved for listing on the Nasdaq Capital Market and are expected to start trading under the ticker symbol "PFAI" on Tuesday.
The company also granted the underwriters a 45-day option to buy up to an additional 270,000 Class A common shares. The offering is expected to close on Wednesday.
The company said it plans to use the net proceeds for expanding the functionality and capabilities of its hydroponic growing systems, development of its business, and for working capital and other general corporate purposes.
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