Pacific Engineering Chair Buys Stock
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Art Granito, chairman of Pacific Engineering Systems Inc., bought a $500,000 chunk of a $1.3-million private sale of stock and warrants. The Anaheim engineering and construction firm said Thursday it sold 325,000 shares, valued at $4 apiece, in a private sale, which included warrants to purchase an additional 325,000 shares over the next two years at $4.50 a share.
Pacific Engineering’s stock was trading around $5 when the sale was completed, but has since slumped to $2.50 Thursday in over-the-counter trading.
Proceeds will be used to support the company’s growth and provide working capital. Granito’s purchase increased his stake in the company to about 69%, from 67%.
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