Sync Research Inc.: The Irvine computer networking...

Sync Research Inc.: The Irvine computer networking products company said Thursday that it plans to sell 2.83 million shares of common stock to the public for the first time. The company will sell 2 million of the shares, and current shareholders will sell another 825,000, at a price of $12 to $14 a share, according to documents filed with the Securities and Exchange Commission. Sync expects to raise $23.5 million from the offering, based on a price of $13 per share. The proceeds will go for general corporate purposes and working capital. Funds may also be used for business, product and technology acquisitions, although the company said it has no plans for such acquisitions. The shares will trade on the Nasdaq market.