Gateway Communications Inc., an Irvine-based data communications equipment maker, has received Securities and Exchange Commission approval to sell 667,549 shares of common stock, company officials said. The sale, which should net the firm between $800,000 and $850,000, was authorized June 1, but has yet to occur.
Of the shares, 651,432 will be issued by the company on outstanding common stock purchase warrants and 16,117 will be available for sale by shareholder Christopher Hawkes, a company software engineer.
The stock sold by the company will go to warrant-holders at prices ranging from 40 cents to about $2 a share, depending on when the warrants were issued. In over-the-counter trading Wednesday, Gateway common stock closed at $8.125 per share, unchanged from Tuesday.