Pinnacle Micro Plans Public Offering

Pinnacle Micro Inc., which makes disk drives for personal computers and other products, is planning an initial public stock offering that it hopes will raise at least $15.8 million.

The company, based in Irvine, plans to sell 1.8 million shares at $10 to $12 apiece, according to a filing with the Securities and Exchange Commission. The company plans to use proceeds from the sale to pay corporate dividends, to reduce debt and for general corporate purposes.

The stock for sale will include 135,000 shares being offered by Executive Vice President Scott A. Blum, who will keep a 19% ownership stake in the public company. Another 35,000 shares will be put up by President William F. Blum, who will keep a 43% ownership stake.

Pinnacle plans to list its stock on the NASDAQ market.