Acqua Group to Offer Preferred Stock

Acqua Group, a Van Nuys marketer of “bottleless” water coolers, hopes to raise $5.5 million in gross proceeds from the public offering of 1.1 million shares of convertible preferred stock.

The company already has common shares that are publicly held.

Proceeds from the offering would be used to pay debt, for expansion and for working capital, Acqua Group said. The offering is being managed by Thomas James Associates Inc.

In the nine months ended Oct. 31, Acqua Group lost $1.5 million on revenue of $2.3 million.