Pinnacle Completes Offering: Pinnacle Micro Inc., an...
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Pinnacle Completes Offering: Pinnacle Micro Inc., an Irvine-based designer and maker of computer hardware products, said Wednesday that it has completed an initial public offering of 1.8 million shares of stock.
The July 1 offering on the NASDAQ market was underwritten by Prudential Securities Inc. The estimated $18.9 million raised in the offering is expected to be used for repayment of debt and general corporate purposes, the company said.
Since its first day of NASDAQ trading, Pinnacle’s stock has climbed 14%. It closed Wednesday at $12 a share, up 25 cents.
