Off The Hook YS Completes $15 Million IPO to Expand Marine Industry Operations

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 the sole book-running manager for the offering, which represents a significant capital infusion for the marine industry company.

The proceeds from the IPO will be allocated toward several strategic initiatives, including servicing the company's floorplan financing, expanding advertising and marketing efforts for inventory, repaying a promissory note, and providing working capital to support ongoing operations. This capital raise comes at a time when Off The Hook has established itself as a major player in the yacht and boat wholesale market, generating over $90 million in annual sales across more than 400 vessels transacted each year.

Off The Hook distinguishes itself in the marine industry through its technology-driven approach, utilizing proprietary AI-assisted valuation tools and a data-driven sales platform that brings greater transparency and efficiency to yacht transactions. The company operates across eight locations with a team of over 35 sales representatives who specialize in the buying and selling of yachts and boats. This technological edge has contributed to the company's recognition as one of the 500 fastest-growing companies in the United States by Inc. 500 for two consecutive years.

The company's consistent performance has also earned it recognition as a Top 100 Dealer in the USA by Boating Industry magazine, reflecting its established reputation within the marine industry. Off The Hook's success is built on a commitment to excellence and relationship-building, with the company emphasizing the hiring of highly skilled professionals who embody integrity and passion for the boating industry. The IPO represents a significant step in the company's growth trajectory, providing the financial resources needed to expand its market presence and enhance its technological capabilities. For additional information about the company, visit https://www.offthehookyachts.com/.