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ORANGE COUNTY BRIEFLY

Javelin to Offer Stock

January 22, 1999|P.J. Huffstutter

Irvine-based Javelin Systems Inc. said it plans to offer 2.5 million shares of common stock at an undisclosed price in what would become its third public offering in as many years. A date for the offering was not released.

Javelin, which designs and manufactures computerized point-of-sale terminals, plans to sell 2 million of the shares, and to use the proceeds to fund general operations and potential future acquisitions, according to regulatory filings.

Certain undisclosed shareholders will sell an additional 500,000 shares at the same time, company officials said. Javelin will receive no proceeds from the shareholder stock.

Debuting on Wall Street in 1996, Javelin held a secondary offering of 1.35 million shares at $6.75 in October. That offering--which raised about $9.1 million for the firm--was used to pay off $3.2 million of a $4.4-million loan and to help complete acquisitions of two British networking firms.

Underwriters handling this most recent offering include Van Kasper & Co., Tucker Anthony Inc. and Meridian Capital Group Inc.

The company's stock dropped 75 cents in Nasdaq trading after the proposed new offering was announced Wednesday and fell an additional $1.25 on Thursday to close at $13.25.

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