Perceptronics Scotches Public-Offering Plan
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Citing “adverse stock market conditions,” Perceptronics canceled plans for a public offering of 1.3 million shares of its common stock.
The offering was to have been underwritten by Prudential Bache Securities and Dean Witter Reynolds. Neither brokerage would comment on the decision.
Perceptronics’ chairman and chief executive, Gershon Weltman, said the fall in the price of his company’s stock made the offering unattractive.
Since June 18, the date of the preliminary prospectus, Perceptronics stock has dropped from 9 1/8 to its Monday close of 7. By way of comparison, the NASDAQ national market system composite index fell 7.3% to a close Monday of 155.73.
Woodland Hills-based Perceptronics performs research and development, primarily for the Defense Department. It also manufactures computer and video training systems for the military.
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