IRVINE — Helionetics Inc. said Wednesday that it will form a new publicly owned subsidiary to oversee two of its divisions and intends to raise $7.5 million in the initial stock offering.
The funds are to be used for production and marketing of an electrical filtering device.
Officials of Helionetics, headquartered in Irvine, said the company's KSW Inc. division in Long Island City, N.Y., and its AIM Energy Inc. division in Clinton, N.J., will become units of AIM Energy Inc., to be based in Clinton.
A public offering is expected this summer, with proceeds to be channeled into development and marketing of a device that screens out potentially hazardous harmonic distortion waves produced by energy-efficient electrical appliances and computers. Left unfiltered, the waves could cause wiring to heat up and could start a fire, said Helionetics President E. Maxwell Malone.
Helionetics stock closed Wednesday at $4 a share, up 6 1/4 cents.