Shelly Associates Inc., a Tustin-based maker of...

Shelly Associates Inc., a Tustin-based maker of defense electronics, has registered with the Securities and Exchange Commission to make an initial public offering of common stock.

According to the company, the offering calls for the sale of one million shares of common stock at $2.50 per share to raise a total of $2.5 million. The proposed date of the offering was not disclosed. First Affiliated Securities, a San Diego-based investment banking firm, is the sole underwriter.