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Maxim Group LLC
General Introduction & Market Commentary
June 2017
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This communication is neither an offer to sell nor a solicitation of an offer to buy any securities mentioned herein. This publication is confidential for the
information of the addressee only and may not be reproduced in whole or in part; copies circulated, or disclosed to another party, without the prior written
consent of Maxim Group LLC (“Maxim” or “Maxim Group”) are strictly prohibited.
Information and opinions presented in this presentation have been obtained or derived from sources believed by Maxim to be reliable, but Maxim makes no
representation as to their accuracy or completeness. Maxim accepts no liability for loss arising from the use of the material presented in this presentation,
except that this exclusion of liability does not apply to the extent that such liability arises under specific statutes or regulations applicable to Maxim. This
presentation is not to be relied upon in substitution for the exercise of independent judgment. Maxim may have issued, and may in the future issue, other
presentations that are inconsistent with, and reach different conclusions from, the information presented in this presentation. Those presentations reflect the
different assumptions, views and analytical methods of the analysts who prepared them and Maxim is under no obligation to ensure that such other
presentations are brought to the attention of any recipient of this presentation.
Investing in foreign securities carries certain risks not associated with domestic securities' markets (such as foreign exchange risk, geo-political risk) and,
therefore, may not be suitable for all investors. The value of non-dollar denominated securities is subject to exchange rate fluctuation that may have a
positive or adverse effect on the price or income of such securities. Investors in securities such as ADRs, the values of which are influenced by currency
volatility, effectively assume this risk. All prices mentioned in this presentation are subject to market conditions. Investors must make their own
determination as to the appropriateness of an investment in any securities referred to herein, based in their specific investment objectives, financial status
and risk tolerance.
Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied is made
regarding future performance. Information, opinions and estimates contained in this presentation reflect a judgment at its original date of publication by
Maxim and are subject to change without notice. The price, value of and income from any of the securities mentioned in this presentation can fall as well as
rise. Securities recommended, offered or sold by Maxim: (1) are not insured by the Federal Deposit Insurance Company; (2) are not deposits or other
obligations of any insured depository institution; and (3) are subject to investment risks, including the possible loss of principal invested. Indeed, in the case
of some investments, the potential losses may exceed the amount of initial investment and, in such circumstances; you may be required to pay more money
to support these losses.
Maxim may make markets in the securities listed in this presentation, and/or maintain positions in the securities listed in this presentation or their derivatives
that may be contrary to the opinions in this presentation. Please contact Maxim Group to determine the current market-making status of any specific
security. For all relevant disclosures applying to any and all securities mentioned herein relating to Maxim or its affiliates please go to the following website:
http://www.maximgrp.com/third-party-research-disclosures.
Disclaimer
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285 professionals in 6 offices: New York, NY; Boston, MA;
Woodbury, NY; West Palm Beach, FL; Lafayette, CA; and Red
Bank, NJ
10 senior research analysts & 4 research associates
70+ institutional equity professionals
40+ fixed income and options professionals
130+ private wealth management professionals
overseeing $2.3 billion in client assets
$33.4 billion raised in 372 transactions since 2013
50+ M&A & Advisory assignment completed since the Firm’s
inception
Approximately 200 companies under research coverage
Investment
Banking
Capital Markets Private Wealth
Management
Equity Research
Maxim Group Overview
Maxim Group Overview
Maxim Group is a Growth-Focused, “Full Service” Investment Bank
(1) As of 6/1/17, includes transactions that Maxim Group served as lead, co-manager or financial advisor
Since January 1, 2013, Maxim Group has participated in 372 transactions, aggregating a combined $33.4 billion in capital,
making us one of the most active mid-size investment banks during this period1
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Mergers &
Acquisitions
Divestitures
Recapitalizations
Privatizations
Defensive Strategies
Joint Ventures
Restructurings
Bankruptcy
Fairness Opinions
Initial Public Offerings (IPOs)
Secondary and Follow-On Offerings
Confidentially Marketed Public Offerings
(CMPO)
Registered Direct Offerings (RDs)
At-the-Market Offerings (ATMs)
Special Purpose Acquisition Companies (SPACs)
Business Development Companies (BDCs)
Private placements & PIPEs
Rights Offerings
Debt Offerings
Equities
Fixed Income
Options
Mortgage-backed Securities
Short-duration Investments
Prime Brokerage
Derivatives
Portfolio Management
Securities Brokerage
Mutual funds
Direct Investments
Equity & Fixed Income
investments
Asset Allocation
Currency Exposure
Capital
Raising
Market
Access
Private
Wealth
Strategic
Advice
Investment Banking Platform Product Focus
A “Full Service” Investment Banking Platform
Maxim Group focuses on servicing the needs of domestic and international small-cap, mid-cap, and emerging growth companies
Consumer & Services
Technology, Media, & Telecom
Energy, Power, Alternatives / Renewables
Industrials & Infrastructure
Healthcare & Biotechnology
Emerging Markets
Financial, REITs, and Closed End
Funds
Sectors of Expertise
Convertibles
PIPEs, CMPOs and Registered
Directs
IPOs, Follow-On Secondary
Offerings
SPACs and Structured Products
Private Equity and Venture
Capital
High-Yield and Mezzanine
Debt
Senior Debt
Project Finance
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World Wide Network
Coverage in 30+ countries
- Continental Europe
- Asia
- Middle East
Over 130 Wealth Management
Professionals
High Net Worth Individuals
25,000 individual and corporate clients
$2.3 billion in client assets
Equity Sales & Trading
Market maker in over 7,500 listed and OTC listed stocks
Commits substantial capital to support OTC principal trading and facilitate listed trading
Provides liquidity and execution in foreign equities and ADR’s in over 30 countries
Options Trading Group
Offers sales trading advice on traditional derivatives and financial instruments
Syndicate Group
Coordinates all equity, debt, and preferred offerings with other broker-dealers throughout the
United States and abroad
Fixed Income Trading
Provides institutional coverage in several different fixed income instruments, including U.S.
Treasury & Agency Securities, High Grade & High Yield Corporate Bonds, Mortgage & Asset-
backed Securities, Preferred Stock, Convertible Bonds, Municipal Bonds, and Structured
Products
Retirement Planning
Promotes a full line of flexible, investor-focused accounts, featuring a
comprehensive range of self-directed investment choices and qualified
retirement plans
Managed Account Solutions
Offers a full suite of solutions to provide clients with access to separately
managed accounts, unified managed accounts, mutual fund and exchange-
traded fund wrap accounts, and advisor-directed accounts
Cash Management
Comprehensive asset management account that combines all brokerage,
checking, money market fund, and debit card activity
Estate Planning
Areas of concentration include Charitable Planning, ESPO and COLI,
Estate Planning and Liquidity Funding, Business Needs Coverage, and
Qualified Retirement Plans
U.S. Institutions Global Institutions U.S. Retail Investors
Over 500 Institutions
Managed Pension Funds
Hedge Funds
Mutual Funds
Proprietary Bank Funds
Global Distribution Capabilities
Maxim Group’s competitive advantage is its powerful distribution capabilities
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Capital Markets
Alessandro Profita
Sean Carmody
Cabell Brown
Brian Colburn
Seitaro Kuno
Michael Stalilionis
Dave Haraburda
Jitu Inamdar
BENEFITS TEAM MEMBERS
Institutional Sales
Senior sales team with an average of 15 years corporate Wall
Street experience each
Sales force with deep buy-side relationships with banks,
brokerages, hedge funds, money managers, mutual funds, and
insurance companies
Service over 500 institutional accounts in the U.S. and abroad
Institutional Sales team partners with our research team to
understand macro and micro trends that drive fundamental
changes in the companies under our coverage universe
Institutional Sales
Trading
Leading boutique sales trading team with deep rooted
relationships among a broad variety of institutional accounts
Experienced team of sales traders prides itself on creating
liquidity in illiquid markets with the ability to place large blocks
of shares
Timely and consistent flow of information to buy-side clients
through our modern trading platforms
Our technology provides the sales team with Best Execution
capabilities
Institutional Derivative
Sales & Trading
The Institutional Options Sales & Trading team boasts an
unparalleled knowledge of derivatives, hedge strategies and
options trading
Talented sales force has more than 70 years of combined
trading experience
Options trading professionals advise large institutions and high
net worth clients, keeping a strong focus on minimizing risk
and maximizing return
Julie Bagley
Jason Sardo
Amanda Nozaki
Anthony Musto
Andrew Rosen
Gerry Oberrender
Dan Forman
Eileen Citarrella
Anthony Citriniti
Research Sales
John Benedickson
Alex Povalski
Rob Benedickson
Clint Schoen
Peter Kaufman
Jon Huzarsky
Adam Cheek
James Bogardus
Michael Cerussi
Michael Nochimson
Mitch Martin
Frank Stalaj
Steffen Kondi
Phil Buchanan
Rob Lynch
Steve Dora
Brian Schroetter
Josh Levy
Eric Berquist
EJ Pures
Derek Hochberg
Robert Lagravinese
Robert Gillis
Larry Sweetwood
Michael Seaman
Kenneth Savoca
Sales Trading
Leonard Greenbaum
Tim Moi
Raymond Gentile
Kurt Galbraith
Mei Chan
Jared Greenbaum
Joseph Gregory
Jay Knopf
Brian Hennen
Derivative Sales & Trading
Broad sales & sales trading and client relationships across our coverage universe
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The Global Equities Trading Desk offers market making and institutional
trading services to a broad range of clients, including insurance companies,
banks, hedge funds, broker/dealers, and floor specialists
The International Trading Desk consists of 6 professionals with over 100
years of combined Wall Street experience
Local Market Settlement
Ability to settle trades in multiple currencies
Algorithmic Trading
Recognized as a leading market maker, Maxim Group provides liquidity and
execution in domestic equities, foreign equities and American Depository
Receipts in over 30 countries
Strong emphasis on long-term relationships with high levels of repeat
business
International Trading Overview International Trading Team
Domestic Trading Team Powerful Platform
John Palmieri
Rory Gourlay
Frank Roselli
Christopher Valvo
JoAnn Ort
Joseph Pacana
Bill Vitale
Robert Sayegh
Robert Lynch
Richard Vaughan
Ralph Calabro
Norbert Plaud
Ricardo Barquero
Jared Rabinowitz
Capital Markets - Sales & Trading Platform
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Market Making Provides liquidity by making markets in an extensive array of fixed income products.
Emerging Market Bonds
Municipal Bonds
Agencies
Mortgage-Backed Securities
Treasuries
Certificate of Deposit
Leveraged Loans
Structured Products
Convertible Bonds
Investment-Grade & High Yield Corporate Bonds
Syndicate
Acts as an aggregator and re-distributor of proprietary syndicate offerings and from time to time, acts as an underwriter
RMBS and ABS Distressed Structured Credit
High Grade and High Yield Corporate Bonds
Mortgage and Asset-Backed Securities
Preferred Stock
Convertible Bonds
Municipal Bonds
Structured Products
U.S. Treasury and Agency Securities
Leveraged Finance
Institutional Coverage Spans 20 countries across 6 continents allowing our clients to gain access to specific industry professionals for a comprehensive
range of sectors, such as:
Capital Markets - Fixed Income
Maxim Group’s Fixed Income Group (FIG) has assembled a team of dedicated sales and trading professionals with over 100 years
of collective experience who interface with a worldwide network of institutional & retail clients
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Capital Markets - Fixed Income Sales & Trading
Corporate Bond
Sales/Trading
Active market makers in over 2,000 corporate issues covering
over 25 sectors
Experienced team of 8 traders with over 100 years collective
wall street experience
Sales force with deep buy-side relationships, particularly money
managers, mutual funds, insurance companies and hedge funds
Maintain over 700 institutional accounts
Jamie Terranova
Justin Rabinowitz
Jon Good
Jonathan Silverman
James Meyers
Mike Messinger
Mike Frankel
Sean Coyle
Preferred/Hybrids
Municipals
Converts
Agencies
Emerging Markets
Structured Notes
Sovereigns
RMBS / CMS
Leading Preferred Stock/Hybrid/Tier One Market Maker,
competitive with many big banks in the sector
Broad Municipal Business supported by 100 plus retail and
force of small institutional accounts
Top regional B/D underwriter/distributor of structured
products, such as range notes, non-inversion notes, steepeners,
and equity/commodity linked baskets
Active market maker in many emerging and frontier markets,
corporate and sovereigns, spanning various regions
Retail and institutional convertible bond/preferred practice
Active across the curve in agencies, particularly in step ups and
bullets
Anthony Marciano
Nolan Lowe
Rich Higgins
Nate Sudlow
BENEFITS TEAM MEMBERS
Sales – All Sectors
Mike Messinger
Jon Good
Rich Higgins
Timothy Goll
Matt Lambert
Trading - Other
Trading - Corporates
Comprehensive sales / trading and client relationships across a broad product spectrum
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Our model provides capabilities and services typically only available to the largest institutional clients
Maxim Group - Prime Brokerage Services
Bespoke client service
In-house reporting infrastructure enabling robust standard
and customized reporting
Separate and “natural persons” accounts
Operating leverage of 300+ person firm
EMS Solutions for Equities and Options
Neovest
Redi
Bloomberg EMSX
Other systems with Fix connectivity
RealTick
Enhanced Reporting
Start-up and Capital Solutions
Introducing Accounts to Pershing/BNY Mellon
Hedge Funds
Equity L/S
Fixed Income
Global Macro
Option Volatility
Event Driven
Family Offices
Professional Investors
Trading Groups
Active traders
Investment Advisors
Fee-only
Hybrid
Serving a broad range of clients
Prime Brokerage Services – The Maxim Advantage
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Broad range of information delivery options and the in-house resources to support them
SunGard’s VPM Portfolio Accounting and Reporting
A comprehensive, fully integrated and customizable
application.
Over 80 standard and customizable reports are available.
Multi-asset class
Multi-currency
Multi-strategy
Pershing NetXInvestor – Account Access
Online and real-time positions, balances and activities
Mobile access
Access a broad range of easily customizable reports in
PDF, Excel or delimited format
Moneyline
Trading History
Confirmations
Statements
Data Delivery
Customized file capabilities
Direct from Pershing data files
Service provider integration
NFP12345
Prime Brokerage Services - Advanced Reporting and Data Delivery
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Strength and Safety
Senior relationship mangers work with you to gain an in-depth knowledge of your business model and assist you in further
developing your business
Start-up Solutions
Legal
Accounting
Fund Administration
Marketing
Office Space
Trading Technology
Capital Solutions
Access to Maxim Group’s Wealth Introduction program,
utilizing institutional consultant Rogerscasey
Provides leading traditional and alternative investment
managers the opportunity to market into Maxim Group’s
wealth management and corporate services groups
Inclusion in Rogerscasey’s Manager Research & Ranking
(MR2) database, which contains all of the firm’s
proprietary opinions and manager insights
Emerging manager platform introductions
We take the time to study our clients’ fund strategies
and needs to make the proper recommendations
Prime Brokerage Services - Start-Up and Capital Solutions
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Over 20 years of securities industry
experience
Prior experience with Barclays,
Lehman, Neuberger Berman and
Goldman Sachs
MBA in Finance from Carnegie Mellon
University and a BS in Economics
from Union College
Series 7, 24, 66
Nearly 40 years of securities industry
experience
Prior experience with Investec Ernst
& Company, Wertheim Schroeder
(and its predecessors)
Master in Finance, Fordham
University and BA in Business
Administration, Baruch College
Series 4, 7, 8, 24, 57, 63
Nearly two decades of experience in
the securities industry
Prior experience with Investec
Ernst & Company, Bluestone
Capital Partners, Smith Barney and
Shearson Lehman Brothers
BA in Accounting, University of
Rhode Island
Series 7, 9, 10, 24, 57, 63
Over 20 years of securities industry
experience
Prior experience with Stuart Coleman
& Co., Spear, Leeds & Kellogg
BA in Accounting, Hofstra University
Series 7, 24, 57, 63
Over 10 years of securities industry
experience
Prior experience with Morgan Stanley,
Generic Trading
BA in Business Administration, John
Hopkins University
Series 7, 24, 57, 63
24 years of securities industry
experience
Prior experience with Investec
Ernst & Company
BA in Chemistry, Drew University
Series 7, 24, 63
Over 29 years of securities industry
experience
Prior experience with Canaccord Genuity,
Collins Stewart, H.C. Wainwright & Co.
BA from University of Rhode Island
Series 7, 24, 53, 57, 63
Over two decades of securities industry
experience
Prior experience with NDB Capital
Markets, Susquehanna Financial Group,
BNY Convergex Group
Attended Montclair State University
Series 7, 24, 57, 63
Christopher J. Fiore
President
Head of Capital Markets
212.895.3743
Paul G. LaRosa
Executive Managing Director
Capital Markets, & Syndicate
212.895.3695
William C. Vitale
Managing Director
Head of Equity Trading
212.895.3623
Leonard Greenbaum
Managing Director
Head of Equity Derivatives
212.895.3791
Jamie Terranova
Managing Director
Co-Head of Fixed Income
212.895.3875
Michael Messenger
Managing Director
Co-Head of Fixed Income
Sales & Trading
212.895.3884
John P. Benedickson
Managing Director
Institutional Sales & Sales Trading
212 895 3873
Seth Michaels
Managing Director
Prime Brokerage Services
212.895.3723
Senior Capital Markets Team
Julie Bagley, CFA, CPA
Director
Corporate Access & Special Events
415.762.0022
Over 16 years of securities industry
experience
Prior experience with Weild & Co.,
Keefe, Bruyette & Woods, Gerard
Klauer Mattison
Masters in Business Administration,
NYU. Masters in Accounting/Tax,
UNC Chapel Hill
BA in Business Administration, UNC
Chapel Hill
Series 7, 24, 63, 79 – CFA & CPA
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A team of ten fundamental publishing research professionals designed to
provide our institutional investor and wealth management clients with alpha
generation through differentiated research
Approximately 200 companies in 13 sectors of the global economy under
research coverage:
Aesthetic Products
Health & Wellness
Healthcare, IT & Services
Medical Devices
Biotechnology
BDC’s
REITS
Small Mid-Cap Banks
Restaurants
Software & Services
Enterprise & Consumer Technology
Industrials & Maritime
Consumer Internet
Our analysts have been quoted by Institutional Investor, The Wall Street
Journal, CNN MoneyLine, Business Week, Forbes and Investors Business Daily
Equity Research
We have built one of the premier proprietary research platforms on Wall Street, with an emphasis on emerging growth companies
with “paradigm – shifting” businesses. Our research is theme-based and actionable / trading-oriented with an “alpha-goal”
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Focus on mid-cap and emerging growth companies with a market
capitalization between $100 million to $10 billion
10 research professionals with over 150 years of combined
experience
Covering approximately 200 companies
Identifying under-covered companies where valuation levels may
be out of sync with fundamental trends
Focus on providing our institutional clientele with access to
corporate management teams
Select analysts quoted in CNNfn, CNN MoneyLine, Business Week,
Forbes, Investors Business Daily, Barron’s and The Wall Street Journal
Equity Research
Equity Research (cont.)
Research Universe by Industry
* Data as of 6/1/17
Research Universe by Market Cap
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Upcoming Events
Equity Research (cont.)
TECHNOLOGY/MEDIA/TELECOM
3rd Annual Silicon Valley Bus Tour with VMW, PANW, NTAP, PSTG, SPLK & HPE: Tuesday, June 27, 2017
HEALTHCARE
The Joint Corp (JYNT), Non Deal Roadshow in NYC with CEO Peter Holt: Monday, June 12, 2017
Teva Pharmaceuticals Industries Ltd (TEVA), Institutional Dinner in NYC with President of Global R&D & CSO Dr. Michael Hayden and VP of Investor Relations Ran Meir: Thursday, June 22, 2017 – 5:30PM
RESTAURANTS
Potbelly Corp (PBPB), Non Deal Group Meeting in NY with CEO Aylwin Lewis and CFO Michael Coyne: Tuesday, June 6, 2017 – 4PM
Cracker Barrel Old Country Store Inc (CBRL), Non Deal Roadshow in Boston with CFO Jill Golder: Thursday, June 29, 2017
Domino’s Pizza Inc. (DPZ), Headquarter Field Trip in Ann Arbor with CEO Patrick Doyle and CFO Jeffrey Lawrence: Friday, September 15, 2017 – 10:30AM-4PM
CONSUMER INTERNET
Maxim Group Consumer Technology Conference 2017 with ABWN, MARK, PCYG, PRTS, PVHO, SMDM, EVLV, Lasership, Lovesac, Mohawk & TalkLocal: Tuesday, June 6, 2017
INDUSTRIALS & MARITIME
Profire Energy, Inc. (PFIE), Non Deal Roadshow in NYC with CEO Brendan Hatch and CFO Ryan Oviatt: Wednesday, June 28, 2017 – 8AM-1PM
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Brian Kinstlinger, CFA
Managing Director
IT Services
Previously covered IT Services, Software and Business
Services for 13 years at Sidoti & Co.
Prior to Sidoti & Co., he was an IT consultant at Keane
and PriceWaterhouse Coopers.
B.A. from the University of Wisconsin-Madison; member
of the Chartered Financial Analyst program
Covers the medical technology, healthcare IT & services
sectors
Formerly a senior healthcare analyst at Gruntal, UBS
Securities and Ladenburg Thalmann
Worked for three years in the healthcare industry at CIGNA
in the managed care division
M.B.A. in Finance and Accounting, Rensselaer Polytechnic
Institute; B.S. in Biology, Binghamton University
Anthony V. Vendetti
Executive Managing Director , Director of Research
& Senior Healthcare Analyst
Senior Equity Research Team
Jason Kolbert
Executive Managing Director
Head of Healthcare Research
Covers a range of Healthcare companies including
biotechnology, diagnostics, Pharma and specialty
pharmaceuticals
Formerly a senior biotechnology analyst at Salomon Smith
Barney & Susquehanna Group (buy side)
Industry experience Schering-Plough (Japan)
M.B.A., University of New Haven; B.S. in Chemistry,
SUNY New Paltz
Senior analyst covering Mortgage REITs, Commercial Banks
and BDC’s
Research Analyst at Cantor Fitzgerald, covering mortgage
REITs and small and mid-cap commercial banks.
Prior experience with Citigroup, Bear Stearns, Prudential
Securities, and First Boston
M.B.A. from The Wharton School at University of
Pennsylvania; JD from Cornell University
Michael Diana
Managing Director
Financial Services
James Jang
Senior Equity Analyst
Industrials & Maritime
Senior Analyst covering Industrials and Maritime
Prior to joining Maxim Group, Mr. Jang was a Senior
Analyst at Sidoti & Co. covering Furniture and Textiles,
and was an Equity Research Associate at Canaccord
Genuity covering the Maritime sector
M.B.A. in Finance from the University of Rochester’s
Simon Graduate School of Business, and his B.A. degree in
History from Binghamton University
Tom Forte
Managing Director
Consumer Internet
Appeared multiple times on Bloomberg, BNN (Canada),
CNBC, and FOX Business; is frequently quoted by the
press; and has moderated numerous panels at industry
conferences
Over 15 years of equity research experience in the
consumer and technology sectors
Previously at Brean Capital, Telsey Advisory Group,
Morningstar, and William Blair
CFA charterholder, with a Master’s Degree from The
University of Southern California, Undergraduate Degree
from the University of Illinois
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Senior Equity Research Team (cont.)
Jason McCarthy, Ph.D.
Managing Director
Biotechnology Equity Analyst
Covers biotechnology
Ph.D. in Biomedical Sciences, Albert Einstein College of
Medicine, Master’s degree in Biomedical Research (Albert
Einstein College of Medicine) and Molecular Biology
(Adelphi University), B.S. in Biochemistry, Stony Brook
University
Combined 17 years of technology industry and sell-side
research experience spanning Enterprise and Consumer
Technologies
Founded Technology Insights Research in May 2009 and
prior to that was at Thomas Weisel Partners
Frequent guest on Bloomberg, CNBC, and quoted in
multiple print media outlets
Prior to becoming a sell-side analyst, accumulated significant
technology industry experience at JDS Uniphase, in addition
to running the operations of technology startups
M.B.A from Simon School of Business at the University of
Rochester, an M.S. from the University of Michigan, and a
B.S. from Columbia University
Nehal Chokshi
Managing Director
Enterprise & Consumer Technologies
Stephen Anderson
Senior Equity Analyst
Restaurant & Consumer
Senior analyst covering restaurant and consumer
sectors
Prior experience with Miller Tabak, MKM Partners
and DLJ
M.B.A. from New York University Leonard N. Stern
School of Business; B.A. in Economics from the
University of Pennsylvania
Gabrielle Zhou
Senior Vice President
China & Biotechnology Equity Analyst
Equity Research Analyst covering China and
Biotechnology sector
Prior experience as an Equity Research Associate on
the Biotechnology team
Master’s Degree from New York University
Fluent in Cantonese and Mandarin
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Investment Solutions for Individuals
Retirement Planning
Full range of flexible, investor-focused accounts,
featuring a comprehensive range of self-directed
investment choices and qualified retirement plan
Managed Account Solutions
A full suite of solutions to provide clients with access to
separately managed accounts, mutual fund and
exchange-traded fund wrap accounts, and advisor-
directed accounts
Cash Management
Comprehensive asset management account that
combines all brokerage, checking, money market fund,
and debit card activity
Estate Planning
Provide custom analysis that illustrates a broad range of
estate planning vehicles and high-net-worth financial
planning strategies such as; Charitable Planning (CRTs,
CRATs, CLATs, and Private Foundations), Liquidity
Funding and Family Needs Coverage
Education Planning
Full range of funding options including 529 College
Savings Plans, UGMA/UTMA accounts and trusts.
Investment Solutions for Business and Corporations
Retirement Plan Analysis
Perform comprehensive retirement plan reviews, analyzing
plan options, current investment fees, participation level
Design retirement plans which include; gathering census
data, consolidation of providers, implementation of plan
and enrollment meetings
401K plans, Defined Contribution Plans, Defined Benefit
Plans, and 412 (i) Plans
Insurance
Professionally analyze current insurance coverage and
evaluate needs in the following areas: Structure,
Performance, and Adequacy
Life Insurance: Liquidity Funding and Business Needs
Coverage (Key Person, Buy/Sell Agreements, Deferred
Compensation and COLI)
Health Insurance: Provide customized competitively priced
employee benefit plans for companies regardless of their
size. Offer a complete line of products including Group
Life, Accidental Death and Dismemberment, Medical,
Dental, and Vision
Wealth Management
Maxim Group’s dedicated team of 130 wealth management professionals, manage and administer approximately $2.3 billion of
assets for 25,000+ individual and corporate clients
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Our complete administration platform includes:
Full ESPP administration, valuation and compliance
Integrated capitalization table
Extensive reporting with drill-down information for all parts
Supported valuation and compliance for all award types
FASB, IRS, SEC and IASB compliant
Dedicated customer support and implementation team
Full automated solution for corporate sponsored restricted stock plans
Execution Methods:
Cashless Exercises
Cash Exercise
Stock-Swap Exercise
Special Transactions for Insiders
Rule 144
Rule 10b5-1
Section 16
Option Collars
Collateral Loans
Exchange Funds
Our platform is powered by a comprehensive equity administration, valuation and compliance solution delivered via any secure web browser
connection. The platform is standardizing compliance by delivering an integrated “on-demand” service which satisfies all audit requirements
regarding ASC 718 [FAS 123 (R)] Accounting for Share Based Payments
Maxim Group’s Executive and Corporate Services team specializes in assisting corporations and their executives with
comprehensive equity compensation plan administration, participant support and education
Wealth Management - Executive and Corporate Services
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Head of Wealth Management and
Insurance
30 years of industry experience
Prior experience with Investec
Ernst & Company, Stuart
Coleman & Co, Smith Barney,
Drexel Burnham Lambert
BA in Political Science, Fordham
University
Series 7, 24, 63, Insurance
Branch Manager-Woodbury and
Director of Asset Management
Over 22 years of industry
experience
Prior experience with Investec
Ernst & Company, RIG
Investments
BA in Business, SUNY Fredonia,
MBA, Dowling College
Series 4, 7, 24, 63, 65
Branch Manager-New York
Over 23 years of industry
experience
Prior experience with Investec
Ernst & Company, GKN
Securities, Grunthal & Co.
BA in Finance, St. John’s
University
Series 7, 8, 24, 57, 63
Branch Manager-Red Bank
19 years of industry experience
Prior experience with
Ticonderoga Securities, Collins
Stewart, and Citigroup
BA in Political Science, Columbia
University
Series 7, 24, 55, 63
Branch Manager-West Palm Beach
20 years of industry experience
Prior experience with Noble Financial
Capital Markets
BA in Telecommunications, Indiana
University at Bloomington
Series 7, 24, 55, 63
John J. Garrity
Executive Managing Director
212.895.3624
Michael Liguori
Branch Office Manager
516.396.3312
Franco Zappone
Branch Office Manager
212.895.3540
Christopher Valvo
Branch Office Manager
732.784.1921
Peter Kaufman
Branch Office Manager
561.508.4433
Senior Wealth Management Team
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Investment Banking Overview
Our investment banking team is dedicated to providing trusted strategic advice and thoughtful financing solutions to emerging
growth and small to mid-size companies around the world.
Strategic Advisory Services
Capital Markets Solutions
Our Primary Focus
Superior Client Service
Powerful Distribution Platform
After Market Support
We are proactive in the after-market, providing secondary market liquidity and
creative investment banking follow-up
Our non-deal investor roadshows and conferences provide an important
venue for investor – issuer dialog and communication
Our institutional & private client distribution network is one of the strongest
among mid-size & specialist investment banks
We have built a powerful multi-channel platform reaching U.S. institutional
investors, global financial institutions, and high net worth private clients
We establish & nurture long-term relationships with our corporate clients
We provide customized solutions and a high level of senior involvement on all
of our mandates
We believe in annuity business and are proud of our high levels of repeat
clients
We provide a wide range of corporate and strategic advisory services to our
clients
We are focused on serving the needs of emerging growth and small- to mid-
size companies, generally from $100 million - $2 billion in enterprise value
Our clients are privately held and publicly listed companies in the U.S. and
abroad, along with financial sponsors who are active investors in our areas of
expertise
Initial Public Offerings (IPOs)
Secondary and Follow-On Offerings
Confidentially Marketed Public Offerings (CMPO)
Registered Direct Offerings (RDs)
At-the-Market Offerings (ATMs)
Special Purpose Acquisition Companies (SPACs)
Business Development Companies (BDCs)
Private placements & PIPEs
Rights Offerings
Debt Offerings
Merger & Acquisition Advisory
Asset Divestitures
Corporate Advisory
Fairness Opinions
Balance sheet and corporate restructuring
23
Maxim Group is a Leading Investment Bank for Growth Company Financings
Maxim Group consistently ranks at the top of investment banking league tables for PIPEs, RDs, and CMPOs
(1) Represents common equity PIPEs, RDs, and CMPOs for issuers with market capitalization under $250 million priced between 1/1/2015 and 6/1/2017
Source: PrivateRaise
Investment Banking League Tables(1)
Rank Placement Agent # Avg $
1 H.C. Wainwright & Co., Inc. 117 $10.8
2 Roth Capital Partners, LLC 77 $15.8
3 Maxim Group, LLC 52 $11.8
4 Cowen and Company, LLC 39 $24.8
5 Jefferies Group, LLC 29 $33.7
6 Chardan Capital Markets, LLC 28 $7.7
7 Ladenburg Thalmann & Co., Inc. 27 $16.0
8 Oppenheimer & Co. Inc. 26 $16.9
9 Craig-Hallum Capital Group, LLC 25 $12.8
10 Piper Jaffray & Co. 24 $28.8
11 Raymond James & Associates, Inc. 23 $25.5
12 Canaccord Genuity Group Inc. 22 $19.2
13 National Holdings, Inc. 20 $13.3
14 Aegis Capital Corp. 19 $14.3
15 Stifel Financial Corp. 17 $27.4
16 Laidlaw & Company 16 $9.4
17 Dawson James Securities 15 $5.5
18 Needham & Company, Inc. 13 $31.9
19 JMP Group, Inc. 13 $30.8
20 Cantor Fitzgerald & Co. 13 $25.5
21 Northland Securities, Inc. 11 $10.2
22 William Blair & Company, LLC 10 $34.9
23 FBR & Company 10 $34.8
24 B. Riley & Co. 10 $15.4
25 Barclays Capital Inc. 7 $45.6
24
Investment Banking Team
Clifford A. Teller
Executive Managing Director
Head of Investment Banking
212.895.3773
Over 24 years of securities industry
experience
Over $50B of transaction experience
Prior experience with Chemical Bank, Mitsubishi, and BlueStone
MBA, Fordham University and BA, State University of New York at Albany
Series 7, 24, 63, and 79
Over 20 years of securities industry experience
Over 200 transactions with $10B transaction experience
Prior experience with Prudential Securities, Blue Stone Capital and Broadband Capital
MBA, Columbia Business School and BS, University of Pennsylvania
Series 7, 63, and 79
Karl Brenza
Senior Managing Director
Head of Capital Growth Advisory Group
212.895.3697
Over 22 years of securities industry
experience
Over $20B of transaction experience
Prior experience with Deutsche Bank and Legend Merchant Group
BA, Allegheny College
Series 7, 24, 63, and 79
John H. Shaw III
Senior Managing Director
212.895.3635
Over 21 years of experience in the securities industry
Over $1B of transaction experience
Prior experience with Jesup & Lamont, CommonWealth Associates, Citibank and JP Morgan Chase
BBA, Baruch College
Series 7, 63, and 79
Andy Bello
Managing Director
212.895.3545
Shay Kronfeld
Managing Director
212.895.3670
International focus, Israel in particular
Over 13 years of securities industry experience
Prior experience with Rodman & Renshaw and Maxim Group (Capital Markets)
BA in Business Management from the Interdisciplinary Center in Herzelia
Series 7, 24, 63 and 79
Over 10 years of securities industry experience
Over $4B of transaction experience
Prior experience with Rodman & Renshaw, Provident Group & Horizon Capital
MBA, Baruch College and BBA, Mumbai University
Series 7, 63 and 79
Ritesh Veera
Managing Director
212.895.3749
Over 12 years of securities industry experience
Over $7B of transaction experience
Prior experience with Trifecta, LLC
BBA and MTA, George Washington University
Series 7, 63, and 79
Larry Glassberg
Managing Director
212.895.3627
Over 16 years of securities industry
experience
Over $25B of transaction experience
Prior experience with J.P.Morgan, Chase Securities and Wedbush Morgan Securities
MBA, UC Berkeley and Columbia Business School and BA, University of Texas, Austin
Series 7, 63, and 79
Jim Alfaro
Managing Director
212.895.3636
Chris Avery
Managing Director
212.895.3603
Over 17 years of securities industry experience
Advised clients on over 50 middle market M&A transactions and financings
Prior experience with Triangle Capital LLC, Deutsche Bank
MBA, University of Chicago Booth, and BS, Miami University (Ohio)
Series 63, 79
25
Investment Banking Team
Brad Hoffman
Director
212.895.3769
Over 18 years of securities industry
experience
Over 50 transactions with $3B transaction experience
Prior experience with Oppenheimer, Lazard & Torreya Partners
BA Wesleyan University, CFA charterholder
Series 7, 63 and 79
Over 17 years of buy-side experience
Over 100 PIPE, IPO, CMPO and private transactions
Prior experience with Zimmer Lucas Partners, Bluegrass Growth Fund, Iroquois Capital and Lyme Regis Partners
MBA, Tepper School of Business, Carnegie Mellon University and BS in Electrical Engineering, Drexel University
Don Herzog
Director
212.895.3856
Over 12 years of securities industry experience
Over 175 transactions and over $15B of transaction experience
Prior experience with River Branch Capital, BMO, CSFD/DLJ, BoA and PaineWebber
MBA, Tepper School of Business, Carnegie Mellon University and BA, University of Pittsburg
Series 7, 63 and 79
Series 79
Kareem Ali
Vice President
212.895.3785
Over 6 years of experience in the securities industry
Over $500M of Transaction Experience
Prior experience with KPMG
M.Acc. and B.S.Ac., University of Florida
Series 79
Eddie Grossman
Vice President
212.895.3659
Over 6 years of experience in the securities industry
Over $1B transaction experience
B.S.M in Finance, Tulane University
Series 7, 55, 63 and 79
Jack E. Terranova
Vice President
212.895.3678
Over 8 years of securities industry experience
Over $2B of transaction experience
Prior experience with Global Hunter Securities and Sterne Agee
MBA and BS, University of California Riverside
Bilingual in English and Mandarin
Series 7, 63 and 79
Alex Jin
Vice President
212.895.3836
Sarah V. Robson
Analyst
212.895.3811
Over 1 year of experience in the securities industry
B.A. in Business Management, Western University
Series 7
Over 2 years of experience in the securities industry
B.A. in International Affairs, James Madison University
Series 7
Summer G. Kotb
Analyst
212.895.3511
26
Well Established, Value-Added Distribution Capabilities
Some of the largest, most prestigious asset managers in the world utilize Maxim Group’s distribution platform to raise significant
capital for their investment funds
$400.0 Million
IPO
Co-Manager
September 2013
Center Coast MLP & Infrastructure Fund
$130.0 Million
IPO
Co-Manager
October 2013
Ares Multi-Strategy Credit Fund
$826.3 Million
IPO
Co-Manager
November 2013
Goldman Sachs MLP Income Opportunity
Fund
$20.0 Million
Follow-On Offering
Co-Manager
December 2013
Five Oaks Investment Corporation
$255.0 Million
IPO
Co-Manager
March 2014
Nuveen All Cap Energy MLP Opportunities Fund
$294.3 Million
Follow-On Offering
Co-Manager
August 2014
Fifth Street Senior Floating Rate
Corp.
$485.0 Million
IPO
Co-Manager
June 2014
Duff & Phelps Select Energy MLP
Fund Inc.
$1.4 Billion
IPO
Co-Manager
September 2014
Goldman Sachs MLP Energy &
Renaissance Fund
$420.0 Million
IPO
Co-Manager
October 2014
BlackRock Science and Technology
Trust
$245.0 Million
IPO
Co-Manager
November 2014
Miller / Howard
High Income Equity
Fund
$261.0 Million
IPO
Co-Manager
November 2015
$330.0 Million
IPO
Co-Manager
September 2015
$280.0 Million
IPO
Co-Manager
May 2015
$609.5 Million
IPO
Co-Manager
March 2015
Nuveen High Income 2018 Target Term Fund
AllianzGi Diversified Income & Convertible
Fund
Calamos Dynamic Convertible and Income
Fund
First Trust Dynamic Europe Equity Income
Fund
$95.0 Million
IPO
Co-Manager
January 2016
Nuveen High Income 2021 Target Term Fund
$245.0 Million
IPO
Co-Manager
August 2016
Nuveen High Income November 2021 Target
Term Fund
$216.0 Million
IPO
Co-Manager
November 2016
$325.0 Million
IPO
Co-Manager
December 2016
Invesco High Income 2023 Target Term Fund
First Trust Senior Floating Rate 2022 Target Term Fund
$162.5 Million
IPO
Co-Manager
January 2017
Nuveen Preferred and Income 2022 Term Fund
$210.0 Million
IPO
Co-Manager
February 2017
BlackRock 2020 Global Income Opportunity
Trust
$291.8 Million
IPO
Co-Manager
March 2017
Nuveen Credit Opportunities 2022 Target Term Fund
27
Maxim Group’s dedicated team of
130 wealth management professionals
have a demonstrated track record of
placing equity offerings with their
clients
Retail Distribution
Select Transactions with
Significant Maxim Group Retail Participation
Retail Distribution Capabilities
Maxim Group’s wealth management team oversees approximately $2.3 billion in client assets
$91.0 Million
Follow-On Offering
Co-Manager
April 2017
$57.5 Million
Fixed Income Offering
Co-Manager
April 2017
$9.5 Million
Follow-On Offering
Sole Book Runner
April 2017
$9.3 Million
Debt Restructuring
Sole Placement Agent
March 2017
$19.1 Million
Follow-On Offering
Joint Book Runner
March 2017
$15.0 Million
Follow-On Offering
Sole Manager
December 2016
7
16.0 Million
Follow-On Offering
Co-Manager
October 2016
10.0 Million
Follow-On Offering
Co-Manager
September 2016
$67.0 Million
Follow-On Offering
Co-Manager
September 2016
$30.0 Million
Fixed Income Offering
Co-Manager
February 2017
$68.1 Million
Follow-On Offering
Co-Manager
February 2017
$17.2 Million
Follow-On Offering
Joint Book Runner
February 2017
$4.5 Million
CMPO
Sole Book Runner
January 2017
$3.0 Million
CMPO
Sole Book Runner
December 2016
$3.9 Million
Warrant Solicitation
Advisor
December 2016
$
28
Healthcare
TMT
Select Maxim Group Clients
Maxim Group has completed transactions for a wide range of issuers across sectors
Energy and Shipping REITs and BDCs
Other Industries
29
Track Record of Repeat Clients
Maxim Group’s platform has been bolstered from numerous repeat clients
$20.0 Million
Follow-On
Financial
Advisor
$20.5 Million
Registered
Direct
Lead
Placement
Agent
$20.0 Million
Registered
Direct
Lead
Placement
Agent
$8.8 Million
Registered
Direct
Lead
Placement
Agent
$12.0
Million
Follow-On
Sole Book
Runner
$ $9.3 Million
Follow-On
Sole Book
Runner
$$13.5
Million
Registered
Direct
Co-Placement
Agent
Warrant
Restructuring
Financial
Advisor
$17.1 Million
Rights
Offering
Dealer
Manager
$$3.6 Million
Registered
Direct
Sole
Placement
Agent
$4.9 Million
Registered
Direct
Sole
Placement
Agent
$15.0 Million
Follow-On
Sole Manager
$4.0 Million
Registered
Direct
Sole
Placement
Agent
$4.3 Million
Registered
Direct
Sole
Placement
Agent
$1.9 Million
Registered
Direct
Sole
Placement
Agent
$3.9 Million
CMPO
Sole
Placement
Agent
$7.6 Million
Registered
Direct
Sole
Placement
Agent
$16.7 Million
Follow-On
Sole Book
Runner
$6.0 Million
Follow-On
Sole Book
Runner
$4.0 Million
Tender Offer
Sole Book
Runner
$3.0 Million
Private
Placement
Sole
Placement
Agent
$8.0 Million
CMPO
Sole
Placement
Agent
$9.0 Million
Registered
Direct
Sole
Placement
Agent
Entered into a
strategic
alliance with
Financial
Advisor
$4.0 Million
Series A
Private
Placement
Sole Book
Runner
$13.0 Million
Follow-On
Sole Book
Runner
$15.1 Million
Follow-On
Co-Manager
$13.2 Million
Follow-On
Co-Manager
$22.9 Million
Exchange
Offer
Dealer
Manager
$90.0 Million
PIPE
Co-Placement
Agent
$20.5 Million
Preferred
Stock
Sole Book
Runner
$20.7 Million
Preferred
Stock
Sole Book
Runner
$$10.0
Million
PIPE
Sole
Placement
Agent
$13.6 Million
Follow-On
Sole Book
Runner
$1.2 Million
Registered
Direct
Lead
Placement
Agent
$1.1 Million
Registered
Direct
Lead
Placement
Agent
$2.0 Million
Private
Placement
Sole
Placement
Agent
$10.6 Million
Follow-On
Offering
Joint Book
Runner
$37.0 Million
Follow-On
Co-Manager
$9.3 Million
Exchange
Offer
Sole
Placement
Agent
30
2016 and 2017 YTD Transactions
$9.4 Million
Follow-on
Sole Book Runner
April 2016
€9.8 Million
PIPE
U.S. Placement
Agent
March 2016
$8.0 Million
CMPO
Sole Placement
Agent
March 2016
$1.9 Million
PIPE
Sole Placement
Agent
February 2016
$3.0 Million
Registered Direct
Sole Placement
Agent
February 2016
$8.0 Million
CMPO
Co-Manager
February 2016
$95.0 Million
IPO
Co-Manager
January 2016
Warrant
Restructuring
Financial Advisor
January 2016
10.0 Million
PIPE
Sole Placement
Agent
January 2016
$21.8 Million
CMPO
Co-Manager
January 2016
$138.0 Million
Follow-on
Co-Manager
January 2016
$39.0 Million
IPO
Co-Manager
March 2016
$4.3 Million
CMPO
Joint Book
Runner
March 2016
$4.0 Million
Rights Offering
Lead Dealer-
Manager
March 2016
$10.0 Million
Follow-on
Financial Advisor
February 2017
$5.0 Million
Follow-on
Co-Placement
Agent
February 2017
$68.1 Million
Follow-on
Co-Manager
February 2017
$20.0 Million
Follow-on
Financial Advisory
January 2017
$89.3 Million
Follow-on
Co-Manager
January 2017
$162.5 Million
IPO
Co-Manager
January 2017
4.5 Million
CMPO
Sole Book-
Running Manager
January 2017
$34.5 Million
Fixed Income
Offering
Co-Manager
January 2017
$1.2 Million
Registered Direct
Lead Placement
Agent
January 2017
$17.2 Million
Follow-on
Joint Book-
Running Manager
February 2017
$30.0 Million
Fixed Income
Offering
Co-Manager
February 2017
$210.0 Million
Initial Public
Offering
Co-Manager
February 2017
$3.0 Million
CMPO
Sole Book-
Running Manager
December 2016
$3.9 Million
Warrant
Solicitation
Advisor
December 2016
$15.0 Million
Follow-on
Sole Manager
December 2016
$6.0 Million
Registered Direct
Sole Placement
Agent
December 2016
$216.0 Million
IPO
Co-Manager
November 2016
3.7 Million
Registered Direct
Co-Placement
Agent
November 2016
$3.6 Million
Registered Direct
Sole Placement
Agent
November 2016
$17.1 Million
Private Placement
Sole Placement
Agent
November 2016
$3.8 Million
Rights Offering
Sole-Dealer
Manager
November 2016
$7.6 Million
Registered Direct
Sole Placement
Agent
October 2016
$16.0 Million
Follow-on
Co-Manager
October 2016
$8.4 Million
PIPE
Sole Placement
Agent
October 2016
$6.6 Million
Follow-on
Joint Book-
Runner
October 2016
$27.1 Million
Fixed Income
Offering
Co-Manager
October 2016
$210.0 Million
Follow-on
Co-Manager
September 2016
$10.0 Million
Follow-on
Co-Manager
September 2016
50.0 Million
IPO
Co-Manager
September 2016
$1.5 Million
Registered Direct
Co-Placement
Agent
September 2016
$67.0 Million
Follow-on
Co-Manager
September 2016
$42.0 Million
Follow-on
Co-Manager
October 2016
$4.9 Million
PIPE
Lead Placement
Agent
October 2016
$7.4 Million
Rights Offering
Co-Manager
November 2016
$245.0 Million
IPO
Co-Manager
August 2016
$65.0 Million
IPO
Sole Book-
Running Manager
August 2016
$15.2 Million
Private Placement
Sole Placement
Agent
August 2016
$25.0 Million
Follow-on
Co-Manager
August 2016
$7.4 Million
Follow-on
Sole Book-Runner
August 2016
$5.9 Million
Registered Direct
Financial Advisor
August 2016
$4.9 Million
Registered Direct
Sole Placement
Agent
August 2016
$2.5 Million
Registered Direct
Sole Placement
Agent
August 2016
17.4 Million
Rights Offering
Lead-Dealer
Manager
July 2016
$11.1 Million
Registered Direct
Sole Placement
Agent
July 2016
$1.4 Million
PIPE
Sole Placement
Agent
July 2016
$1.6 Million
PIPE
Sole Placement
Agent
August 2016
$26.0 Million
Follow-on
Co-Manager
August 2016
$6.0 Million
CMPO
Sole Placement
Agent
August 2016
$13.8 Million
PIPE
Sole Placement
Agent
July 2016
$1.8 Million
PIPE
Sole Placement
Agent
June 2016
$705,000
Private Placement
Sole Placement
Agent
June 2016
$17.1 Million
Rights Offering
Sole Placement
Agent
June 2016
$30.0 Million
Private Placement
Sole Placement
Agent
June 2016
$115.0 Million
Preferred Stock
Co-Manager
June 2016
$3.4 Million
PIPE
Sole Placement
Agent
May 2016
$2.4 Million
PIPE
Sole Placement
Agent
May 2016
7.5 Million
PIPE
U.S. Placement
Agent
May 2016
$10.0 Million
PIPE
Co-Placement
Agent
May 2016
$500.0 Million
IPO
Co-Manager
May 2016
$13.5 Million
IPO
Co-Manager
June 2016
$6.8 Million
Registered Direct
Sole Placement
Agent
June 2016
$12.7 Million
Follow-on
Joint Placement
Agent
June 2016
$16.8 Million
Private Placement
Sole Placement
Agent
January 2017
$325.0 Million
IPO
Co-Manager
December 2016
$5.3 Million
Follow-on
Co-Manager
December 2016
$1.9 Million
Registered Direct
Sole Placement
Agent
December 2016
$18.6 Million
Private Placement
Sole Placement
Agent
January 2017
M I
Acquisitions Inc.
$4.3 Million
Registered Direct
Sole Placement
Agent
January 2017
$4.0 Million
Registered Direct
Sole Placement
Agent
January 2017
$3.9 Million
CMPO
Sole Book-
Running Manager
February 2017
$25.0 Million
Private Placement
Sole Placement
Agent
March 2017
$19.1 Million
Follow-on
Joint Book-
Runner
March 2017
$291.8 Million
IPO
Co-Manager
March 2017
$10.0 Million
Follow-on
Co-Manager
March 2017
$1.2 Million
PIPE
Sole Placement
Agent
March 2017
$9.3 Million
Debt
Restructuring
Sole Agent
March 2017
$25.0 Million
Follow-on
Co-Manager
March 2017
$5.5 Million
ATM
Sales Agent
April 2017
$57.5 Million
Fixed Income
Offering
Co-Manager
April 2017
$9.5 Million
Follow-on
Sole Book Runner
April 2017
$91.0 Million
Follow-on
Co-Manager
April 2017
$17.3 Million
Follow-on
Co-Manager
April 2017
$12.0 Million
Follow-on
Co-Manager
April 2017
$19.7 Million
Follow-on
Co-Manager
May 2017
$1.4 Million
PIPE
Sole Placement
Agent
May 2017
$2.7 Million
Private Placement
Sole Placement
Agent
May 2017
$229.0 Million
Initial Public
Offering Joint Book-
Running Manager
May 2017
31
$5.3 Million
Follow-On Offering
Co-Manager
December 2016
$34.5 Million
Fixed Income Offering
Co-Manager
January 2017
$162.5 Million
Initial Public Offering
Co-Manager
January 2017
$89.3 Million
Follow-On Offering
Co-Manager
January 2017
$20.0 Million
Follow-On Offering
Financial Advisor
January 2017
Preferred and Income
2022 Term Fund
$15.0 Million
Follow-On
Sole Manager
December 2016
$3.0 Million
CMPO
Sole Book Runner
December 2016
$325.0 Million
Initial Public Offering
Co-Manager
December 2016
Senior Floating Rate
2022 Target Term Fund
$4.5 Million
CMPO
Sole Book Runner
January 2017
$17.2 Million
Follow-On Offering
Joint Book Runner
February 2017
$68.1 Million
Follow-On Offering
Co-Manager
February 2017
$5.0 Million
Follow-On Offering
Co-Placement Agent
February 2017
$30.0 Million
Fixed Income Offering
Co-Manager
February 2017
$210.0 Million
Initial Public Offering
Co-Manager
February 2017
$10.0 Million
Follow-On Offering
Financial Advisor
February 2017
BlackRock 2020 Global Income Opportunity Trust
$3.9 Million
CMPO
Sole Book Runner
February 2017
Select Public Equity Offerings
$291.8 Million
Initial Public Offering
Co-Manager
March 2017
$10.0 Million
Follow-On Offering
Co-Manager
March 2017
$19.1 Million
Follow-On Offering
Joint Book Runner
March 2017
$25.0 Million
Follow-On Offering
Co-Manager
March 2017
Credit Opportunities
2022 Target Term Fund
$57.5 Million
Fixed Income Offering
Co-Manager
April 2017
$9.5 Million
Follow-On Offering
Sole Book Runner
April 2017
$91.0 Million
Follow-On Offering
Co-Manager
April 2017
$17.3 Million
Follow-On Offering
Co-Manager
April 2017
$12.0 Million
Follow-On Offering
Co-Manager
April 2017
$5.5 Million
At-the-Market Offering
Sales Agent
April 2017
$19.7 Million
Follow-On Offering
Co-Manager
May 2017
$229.0 Million
Initial Public Offering
Joint Book Runner
May 2017
32
Select Registered Directs, PIPEs, Private Placements and Debt
$30.0 Million
Private Placement
Sole Placement Agent
June 2016
$2.4 Million
PIPE
Sole Placement Agent
June 2016
$6.8 Million
Registered Direct
Sole Placement Agent
June 2016
$1.8 Million
PIPE
Sole Placement Agent
June 2016
$11.1 Million
Registered Direct
Sole Placement Agent
July 2016
$5.9 Million
Registered Direct
Financial Advisor
August 2016
$2.5 Million
Registered Direct
Sole Placement Agent
August 2016
$4.9 Million
Registered Direct
Sole Placement Agent
August 2016
$1.5 Million
Registered Direct
Co-Placement Agent
September 2016
$13.8 Million
PIPE
Sole Placement Agent
July 2016
$8.4 Million
PIPE
Sole Placement Agent
October 2016
$4.9 Million
PIPE
Lead Placement Agent
October 2016
$7.6 Million
Registered Direct
Sole Placement Agent
October 2016
$3.7 Million
Registered Direct
Co-Placement Agent
November 2016
$3.6 Million
Registered Direct
Sole Placement Agent
November 2016
$6.0 Million
Registered Direct
Sole Placement Agent
December 2016
$1.9 Million
Registered Direct
Sole Placement Agent
December 2016
$4.0 Million
Registered Direct
Sole Placement Agent
January 2017
$1.2 Million
Registered Direct
Lead Placement Agent
January 2017
$4.3 Million
Registered Direct
Sole Placement Agent
January 2017
$16.8 Million
Private Placement
Sole Placement Agent
January 2017
$18.6 Million
Private Placement
Sole Placement Agent
January 2017
$1.1 Million
Registered Direct
Lead Placement Agent
February 2017
$9.3 Million
Debt Restructuring
Sole Placement Agent
March 2017
$1.2 Million
PIPE
Sole Placement Agent
March 2017
$25.0 Million
Private Placement
Sole Placement Agent
March 2017
$2.7 Million
Private Placement
Sole Placement Agent
May 2017
$1.4 Million
PIPE
Sole Placement Agent
May 2017
33
Strategic Advisory
Valuation Analyses & Fairness Opinions
Select Advisory & Fairness Opinion Mandates
Strategic Advisory Strategic Advisory
Syntec &
Wordingham
(S&W)
Strategic Advisory Strategic Advisory
Strategic Advisory
Strategic Advisory
Strategic Advisory
Strategic Advisory
Strategic Advisory
Bankruptcy
Process Advisor
Strategic Advisory
APC International
Pipelines
Strategic Advisory
Strategic Advisory Strategic Advisory
Strategic Advisory Strategic Advisory
Has formed a joint venture
for its Syneron Beauty Ltd.
subsidiary
Fairness Opinion
$238.0m Asset Acquisition -
Greek Based Shipping Co.
Fairness Opinion
Publicly Traded
Shipping
Company
Valuation
$178.0m Asset Valuation
Fairness Opinion
$8.0m Acquisition –
RS Staffing Services Inc.
Fairness Opinion
Acquisition of CSS
Consolidated for 64% of
Shares Outstanding
Fairness Opinion
$18.2m Debt Issuance -
Secured Convertible Notes
Fairness Opinion
Has agreed to be acquired by
Carmike Cinemas, Inc.
Fairness Opinion
Has agreed to be acquired by
Mobius Acquisition,
LLC
Strategic
Advisory
Strategic
Advisory
Strategic
Advisory
Strategic
Advisory
Strategic
Advisory
Strategic
Advisory
Strategic
Advisory
Grantwood Technologies
Inc.
Strategic
Advisory
$3.9 Million
Warrant
Restructuring
Financial Advisor
December 2016
34
has acquired has acquired
has acquired a majority
stake in has acquired has merged with has acquired certain
assets from
Select M&A Transaction Experience
has merged with
Financial Advisor to
Ad.Venture Partners
$115.0 Million
has acquired
Financial Advisor to Netsol
has acquired certain
assets of
Taiwan Maritime
Transportation Company
Financial Advisor to Star
Maritime Acquisition
$345.2 Million
has acquired
Financial Advisor to Fortress
America Acquisition
Doing business as VTC, LLC
Fortress America
Acquisition Corp.
$106.3 Million
The Restis Family
Financial Advisor to
Seanergy Maritime Corp.
$395.3 Million
has acquired the
Profession Division of
Financial Advisor to MPC
Corporation
$96.0 Million
has acquired an
equity stake in
Financial Advisor to
Millennium India Acquisition
Millennium India
Acquisition Corp.
SMC Group Investments
$56.0 Million
has merged with
Healthcare
Acquisition Corp.
Financial Advisor to Healthcare
Acquisition
$106.3 Million
Financial Advisor to
Secure America
$186.0 Million
Financial Advisor to
National Association of
Professional Women
has merged with has acquired
Financial Advisor to
UBIC, Inc.
has merged with
Sole Financial Advisor to
Pyxis Tankers Inc.
$155.5 Million
Financial Advisor to
RiceBran Technologies
H&N
Distribution, Inc.
has merged with
Financial Advisor to
Azteca Acquisition Corp.
Azteca Acquisition Corp.
$400 Million
Cine Latino, Inc. and
InterMedia Espanol
Holdings, LLC
has acquired
Financial Advisor to
Nautilus Marine Acquisition
$86.5 Million
Assetplus Limited from
Vega Resource Group
AS and Oil and Gas
Ships Investors Ltd.
Financial Advisor to
Cytomedix, Inc.
Angel Systems from
Soren Group
Financial Advisor to
ZOOM Technologies, Inc.
has merged with
$25.0 Million
Financial Advisor to Prima
Biomed Ltd.
has acquired an equity
stake in
Financial Advisor to India
Globalization Capital
$69.0 Million
Financial Advisor to
UBIC, Inc.
has acquired
Financial Advisor to DS
Healthcare
35
U.S. GDP Real ($MM Quarterly) 16,861,600
GDP Growth (Y-o-Y%) 2.04%
Export (Monthly) 135,648
CPI (Y-o-Y%) 2.20%
Unemployment Rate 4.40%
Macroeconomic Update
* Data from S&P 500 Indexes
Source: CapitalIQ and www.treasury.gov as of 6/1/17
Industry Performance Highlights - YTD
Relative Sector Performance over*: LTM Equity Market Overview: LTM
10y Treasury Yield Unemployment Rate
Indus tryM a rke t C a p
($ m m )TEV ($ m m )
P / D ilute d
EP S B e fo re
Extra
Tra ns a c t io ns
(La s t 3
M o nths )
Energy 4,901,709 7,049,705 17.8x 839
Rea l Es ta te 3,309,660 5,439,161 14.4x 3,243
Materia ls 5,142,403 6,770,143 18.6x 1,858
Indus tria ls 9,126,631 11,926,356 19.5x 3,181
Co ns umer Dis cre tio nary 9,494,288 11,847,827 18.9x 3,251
Co ns umer Staples 6,595,392 7,744,851 24.0x 1,095
Healthcare 6,409,647 7,153,574 24.7x 2,547
F inancia ls 17,753,497 - 11.3x 1,850
Info rmatio n Techno lo gy 10,659,570 10,542,124 22.9x 4,459
Te leco mmunica tio n Services 2,566,694 3,753,348 17.6x 175
Utilities 2,480,713 4,521,971 15.3x 444
-10.0%-5.0%0.0%5.0%
10.0%15.0%20.0%25.0%30.0%35.0%
4.7%4.9% 4.9% 4.9% 4.9% 4.9%
4.6% 4.7% 4.8% 4.7%4.5% 4.4%
4.0%
4.5%
5.0%
5.5%
6.0%
0%
10%
20%
30%
40%
Standard & Poor's Corp NASDAQ Stock Exchange Dow Jones & Company Inc
1.0%
1.5%
2.0%
2.5%
3.0%
36
Recent U.S. IPO Pricing Statistics1
(1) Excludes closed end funds, SPACs, dual-listings, level 3 ADR offerings and transactions under $10.0 million in gross proceeds
Source: CapitalIQ as of 6/1/17
Last 12 Months Number of IPOs Total Funds Raised in IPOs ($MM)
Issuer Symbol
Total Transaction
Value Closed Date Offering Price
52-Week
High
52-Week
Low
Appian Corporation NasdaqGM:APPN $75.00 5/24/2017 $12.00 $18.94 $14.60
WideOpenWest, Inc. NYSE:WOW $310.00 5/24/2017 $17.00 $18.38 N/A
SMART Global Holdings, Inc. NasdaqGS:SGH $58.30 5/23/2017 $11.00 $14.32 $11.50
Bright Scholar Education Holdings Limited NYSE:BEDU $157.50 5/17/2017 $10.50 $14.03 $10.55
G1 Therapeutics, Inc. NasdaqGS:GTHX $105.00 5/16/2017 $15.00 $18.63 $13.35
ASV Holdings, Inc. NasdaqCM:ASV $26.60 5/12/2017 $7.00 $8.19 $7.25
Veritone, Inc. NasdaqGM:VERI $37.50 5/11/2017 $15.00 $15.64 $10.00
Solaris Oilfield Infrastructure, Inc. NYSE:SOI $121.20 5/11/2017 $12.00 $12.47 $11.00
Gardner Denver Holdings, Inc. NYSE:GDI $826.00 5/11/2017 $20.00 $23.82 $20.27
Five Point Holdings, LLC NYSE:FPH $294.00 5/9/2017 $14.00 $16.74 $14.78
Guaranty Bancshares, Inc. NasdaqGS:GNTY $54.00 5/8/2017 $27.00 $33.81 $29.00
Ovid Therapeutics Inc. NasdaqGS:OVID $75.00 5/4/2017 $15.00 $15.93 $12.08
KKR Real Estate Finance Trust Inc. NYSE:KREF $210.13 5/4/2017 $20.50 $23.99 $20.50
Urogen Pharma Ltd. NasdaqGM:URGN $58.15 5/3/2017 $13.00 $20.02 $13.01
Biohaven Pharmaceutical Holding Company Ltd. NYSE:BHVN $168.30 5/3/2017 $17.00 $25.87 $17.00
Recent U.S. IPOs
8 97
1518
3
75
7 7
1916
0
5
10
15
20
25
30
35
$671
$1,519
$932
$2,268
$4,564
$388
$1,917
$3,114
$840
$4,790
$4,027
$3,452
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
37
Source: PrivateRaise
Note: as of 6/1/17
PIPE/RD/CMPO Market Statistics
ALL PIPEs/RDs/CMPOs
Market Issuance 2013-2017
ALL PIPEs/RDs/CMPOs
Quarterly Issuance 2015-2017
(US$ in billions) # of Offerings (US$ in billions) # of Offerings
$36.8
$48.3
$78.1
$70.5
$39.7
$7.1
$8.9
$12.7
$11.8
$8.0
0
200
400
600
800
1000
1200
1400
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
$100
2013 2014 2015 2016 YTD 2017
Non-Healthcare Healthcare Total Healthcare
$15.3
$31.6
$17.5
$13.7
$10.9
$22.7
$19.7
$17.2$18.0
$21.7
$2.4
$3.1
$3.5
$3.9
$3.2
$3.3
$2.4
$2.9
$3.3
$4.7
0
100
200
300
400
500
600
$0
$5
$10
$15
$20
$25
$30
$35
$40
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Non-Healthcare Healthcare Total Healthcare
38
Corporate Headquarters, Maxim Group LLC
New York, New York
405 Lexington Avenue, 2nd Floor, New York, NY 10174
tel: (800) 724-0761 • (212) 895-3500
fax: (212) 895-3555
Members FINRA & SIPC • www.maximgrp.com
West Palm Beach, Florida
105 S Narcissus Ave, Suite 222
West Palm Beach, FL 33401
tel: (561) 508-4433
Woodbury, New York
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Woodbury, NY 11797
tel: (516) 393-8300
fax: (516) 364-1310
Red Bank, New Jersey
246 Maple Avenue
Red Bank, NJ 07701
tel: (732) 784-1900
fax: (732) 784-1982
Lafayette, California
3730 Mt. Diablo Boulevard
Suite 158
Lafayette, CA 94549
tel: (415) 762-0114
Boston, Massachusetts
225 Franklin Street, Suite 2637
Boston, MA 02110
tel: (617) 217-2444