PenUltimate Plans 650,000-Share Nasdaq Offering Monday

PenUltimate Inc., which makes software to allow computers to input data with a pen instead of a keyboard, said Wednesday it plans to offer 650,000 shares at $6.75 a share on the Nasdaq market beginning Monday.

Paul Mondschein, chief executive of the Irvine company, said the secondary offering will increase PenUltimate’s shares outstanding to 1.5 million shares. Earlier this week, the company approved a 1-for-3 reverse stock split that was effective Monday.

The split, required by Nasdaq so that the company shares would trade above $3 a share, reduced the total shares outstanding before the offering from 2.6 million shares to 850,000 shares.

The offering is expected to raise $4 million for the company, which will use it for general corporate purposes. PenUltimate’s Sales Force software product, which allows traveling salespeople to quickly enter data on a portable computer, is being marketed by a number of companies, including International Business Machines Corp.