MSI Files for Sale of New Shares Worth $12 Million

MSI Data Corp. of Costa Mesa said it filed a registration statement with the Securities and Exchange Commission for a public offering expected to raise more than $12 million for possible acquisitions and other purposes.

MSI, which manufactures and markets handheld electronic devices used for inventory counts, is proposing to sell 750,000 new shares of common stock. An additional 112,500 shares will be available if the offering is oversubscribed.

The new shares will be offered at the closing market price for MSI stock on the day before the offering. MSI, which now has 2.5 million shares outstanding, closed Monday at $16.375 per share, down 75 cents, on the American Stock Exchange.

Although MSI identified acquisitions as one potential use for the offering proceeds, Vice President Paul Schneider said the company has no potential targets in mind.

“In case an opportunity comes along, we would be strategically positioned to take advantage of that opportunity,” Schneider said. “At this point, we don’t know what that opportunity might be.”