Archive Corp. Files With SEC for Public Stock Offering

Archive Corp. said it filed a registration statement with the Securities and Exchange Commission for a public offering that is expected to raise about $18 million.

Archive, a Costa Mesa-based computer parts maker, is proposing to sell 1.5 million new shares of common stock. The shares will be sold at the closing market price of the company’s stock on the day before the offering, which is expected in about five weeks, according to Tag Merrick, director of corporate and legal affairs for the company.

Archive, which now has 10.9 million shares outstanding, closed Friday at $12 per share, unchanged for the day, in the over-the-counter market.

Merrick said the company plans to use $1 million of the proceeds to pay off a bank loan, which was part of the $13.5-million debt the company reported at the end of its 1987 fiscal third quarter in June.

Other proceeds will go toward an expansion of the company’s manufacturing plant in Singapore, Merrick said.