Genovation Inc, Irvine, California manufacturer of special-purpose input devices such as the 17-key MicroPad numeric keypad for MS-DOS personal computers, claims to be the first company approved by the State of California to make an initial public offering through the new Small Corporate Offering Registration law, which was developed to make it easier for smaller companies such as Genovation to raise equity capital from the public. The 174,160 shares are being offered at $5 a time and are available only to California residents, with a $500 minimum purchase required. It will use the $800,000 or so net proceeds to meet the increases in working capital needed to fund continuing growth in sales and the marketing efforts required to promote the company’s rapidly expanding line. The issue is being handled by Brookstreet Securities Inc, which is also based in Irvine, Orange County.
