Javelin Raises $9 Million

Irvine-based Javelin Systems Inc. raised $9.1 million Tuesday in a secondary stock offering.

The company, which designs, manufactures and markets of computerized point-of-sale terminals, plans to use the proceeds to pay off $3.2 million of a $4.4-million loan, help complete the previously announced acquisition of two England networking firms, and fund general operations and potential future acquisitions.

The 1.35 million shares, which sold at $6.75, represented 24% of the outstanding stock. The underwriters have 45 days to exercise an option to buy an additional 187,500 shares, which would raise another $1.3 million, mostly from company officers selling stock.

Javelin stock closed Tuesday at $7.19, down 63 cents.