Pinnacle Food Group has raised $7 million by offering 1.8 million shares at $4, the low end of the range of $4 to $5.
Because the company has a market cap of less than $50 million at pricing, Pinnacle Food Group will be excluded from Renaissance Capital's 2025 IPO stats.
The company sells hydroponic growing systems and provides technical support services to individual households and community groups, and is developing a hydroponic growing system for urban farms. Its growing systems include sensors, growing trays, racks for growing trays, growing baskets, light panels, water tanks and consumables such as seeds, grow sponges and nutrient solutions. Pinnacle Food also provides advice, agricultural data intelligence, controllable data applications, environmental design consulting, equipment installation, and agricultural technical support to users of its equipment.
Pinnacle Food Group plans to list on the Nasdaq under the symbol PFAI. Craft Capital Management acted as sole bookrunner on the deal.
Source: Renassance Capital