STM Wireless Completes $10-Million Offering

STM Wireless Inc., a maker of wireless communications products, said Monday that it has completed a $10-million equity offering with Pequot Private Equity Fund L.P.

Pequot, the private investment arm of Dawson-Samberg Capital Management Inc., picked up 571,429 shares, or 8.5%, of STM.

The Irvine firm said it will invest $5 million in its wholly owned subsidiary, Direc-To-Phone International Inc. (DTPI), and lend the unit $10 million more. Pequot also picked up a minority interest in the subsidiary.

STM spokesman Frank Connors said the transaction is partly an effort to start opening DTPI, a telephone service provider, to outside investors.