Procom Technology Plans $35-Million Offering

Data-storage maker Procom Technology Inc. plans to sell $35 million worth of stock, according to a report filed Friday with the Securities and Exchange Commission. The company plans to use the proceeds to expand its sales and marketing, increase research and development, and repay a $4.1-million loan used to complete a new corporate headquarters in Irvine. The remainder will be used for general corporate purposes, the SEC filing said. Procom plans to register as many as 2 million shares for sale on a “best efforts” basis to “selected institutional investors and strategic investors,” but plans to sell only what is necessary to gross $35 million, the filing said. Procom shares on Friday fell 38 cents to $18 in Nasdaq trading.