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Tempe-based mini-car builder files with SEC for stock offering
A Tempe-based company that builds "mini-cars" for children plans to raise $3 million in a public stock offering, according to a registration statement filed with the Securities and Exchange Commission.
The company, Action Products Inc., will net $2.7 million from the offering if The proceeds mainly will be used for working capital and to pay off debt, the prospectus states.
The offering's underwriter is Scottsdale-based Biltmore Equities and Securities Ltd., according to an Action Products spokesman.
Formed in 1986, Action Product's biggest sellers are gasoline-powered mini-cars …