Off The Hook YS Inc. (NYSE American: OTH), a premier yacht and boat wholesaler, has completed its initial public offering, raising $15 million through the sale of 3,750,000 shares at $4.00 per share. The company granted underwriters a 45-day option to purchase up to 562,500 additional shares, potentially increasing the total offering size. ThinkEquity served as sole book-running manager for the offering, which represents a significant capital infusion for the marine industry specialist.
The company plans to use the proceeds to service floorplan financing, advertise and market inventory, repay a promissory note, and provide working capital for ongoing operations. This financial backing will support Off The Hook's position as a technology-forward wholesaler that combines advanced technology and proprietary AI-assisted valuation tools with a data-driven sales platform. The company's approach aims to bring greater transparency and efficiency to yacht transactions, addressing long-standing industry challenges.
Over the past decade, Off The Hook has established itself as a significant player in the marine industry, generating over $90 million in annual boat and yacht sales. The company operates across eight locations with a team of more than 35 sales representatives who transact on over 400 vessels each year. This scale has earned the company recognition as one of the 500 fastest-growing companies in the United States by Inc. 500 for two consecutive years, and it is consistently ranked as a Top 100 Dealer in the USA by Boating Industry magazine.
The company's success is built on a commitment to excellence and relationship-building, with an emphasis on hiring highly skilled professionals who embody integrity and passion for the boating industry. By prioritizing client satisfaction and leveraging technological innovation, Off The Hook has positioned itself as a go-to wholesaler in the marine sector. The public offering represents not just a financial milestone but also validation of the company's business model and growth trajectory in the specialized marine wholesale market. For additional information about the company and its operations, visit https://www.offthehookyachts.com/. The full details of the offering and corporate information can be found at https://ibn.fm/9TdrA.
