Motorvac Raises $5.9 Million in Stock Issue
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SANTA ANA — Motorvac Technologies raised nearly $5.9 million Thursday with the issue of 1.1 million shares of common stock priced at $5.375 a share.
The stock begins trading publicly today on the Nasdaq SmallCap Market under the MVAC symbol.
Motorvac makes and markets a proprietary system for cleaning automotive gasoline and diesel fuel systems. The company said it will use proceeds from the sale for capital expenditures including advertising, hiring and the acquisition of new product lines. Meridian Capital Group Inc. in Newport Beach underwrote the offering.
The company’s system, consisting of a chemical cleaner and mechanical cleaning equipment, is sold worldwide to repair shops and vehicle fleet operators. Motorvac said it now has 4.4 million shares outstanding.
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