Transcontinental Stock Offering Raises $450,000

Transcontinental Financial Services in Northridge raised $450,000 in its first public offering which ended Feb. 10. The company’s stock began trading Feb. 22 in the pink sheets, a thinly traded sector of the over-the-counter market.

Units consisting of one share of common stock and a warrant for a share of stock were sold at a price of 9 cents. More than 5 million units were sold.

Transcontinental hopes to process Small Business Administration loans for banks and borrowers using computer software the company has developed.