Pinnacle Micro to Issue 50% Stock Dividend
Computer memory systems manufacturer Pinnacle Micro Inc. said Monday it has declared a 50% stock dividend, the first by the Irvine company since its initial public offering in 1993.
Under terms of the Dec. 15 payout, one share will be issued for each two shares owned by stockholders of record Dec. 1. Executive Vice President Scott Blum said the action is designed to increase the number of shares available in public markets. About 55% of Pinnacle’s 5.41 million shares outstanding are held within the company, he said. Analysts say more liquidity will make Pinnacle’s stock less volatile and more attractive to buyers.