Santa Ana-Based Verteq Plans to Sell 2.7 Million Shares
Verteq Inc., a manufacturer of computer chip processing equipment, is planning to sell stock to the public, according to documents filed Tuesday with the Securities and Exchange Commission.
The Santa Ana company plans to sell 2.7 million shares of common stock for about $9 each and use an estimated $17.8 million in net proceeds to repay debt, expand facilities and provide funds for other general corporate purposes.
Of the shares being offered, 2.2 million are being sold by the company and 500,000 by insiders. Verteq will have 6.4 million shares outstanding after the sale.
Verteq reported net income of $32,000 on sales of $12.1 million in the quarter ended Sept. 30. The company makes solutions used in cleaning, rinsing and drying processes during semiconductor manufacturing.