At $6.00 per share, Level Brands sold 2,000,000 shares of common stock, amounting to $12m in gross proceeds, according to a company press release about the IPO. The NYSE American ticker symbol for the firm is LEVB.
“Of the $12 million raised, half came from existing investors and friends of the company,” reports Rod Turner, in his Forbes.com coverage of the company’s IPO process. “This level of commitment from insiders,” he notes, “is a good indication and also makes the capital raise far easier to accomplish, of course.”
Level Brands specializes in licensing, corporate brand management, and consumer products marketing. The company works with customers in several sectors: art, beauty, fashion, health and wellness (which crosses into the beverage industry), entertainment, and real estate, according to the release.
The Charlotte, North Carolina-based company portfolio of brands includes pro hair care brand Beauty & Pin-Ups, lifestyle brand Ireland Men One, and the media company known as Encore Endeavor One.
According to the company site, its board of directors currently comprises Martin Sumichrast, Anthony Shriver, Erik Sterling, Bakari Sellers, Gregory C. Morris, and Seymour Siegel. Level Brands executive roster includes Kathy Ireland, chief brand strategist; Martin Sumichrast, CEO; Stephen Roseberry, president and managing director; and Mark Elliott, CFO and COO.
The IPO process itself proved to be useful to Level Brands. According to Turner, “Marty [Sumichrast], found that he was able to generate a substantial number of new customer agreements through investment discussions that evolved into win/win situations combining investment with new client contracts.”
And the company is expected to continuing growing. “We are delighted that Level Brands, Inc. has chosen to list on NYSE American,” John Tuttle, NYSE Global Head of Listings, tells the press. “We look forward to partnering with Level Brands as it continues to grow and support socially conscious consumer lifestyle, beauty and entertainment companies.”