Camarillo Firm Seeks to Sell Common Shares
ACT Networks has filed with the Securities and Exchange Commission for the sale of 3 million common shares.
The stock sale calls for Camarillo-based ACT to sell 1.51 million shares and existing investors to sell 1.49 million shares, according to the registration statement.
ACT plans to use its proceeds for general corporate purposes, including working capital and possible acquisitions. The stock sale will raise the number of shares outstanding by some 20.2% to 8.96 million.
ACT manufactures products that can integrate voice, data, fax and local-area-network functions within a single computer network.
Hambrecht & Quist and Wessels, Arnold & Henderson plan to underwrite the stock sale.