Fuel Systems Solutions Inc., a maker of kits to convert cars to run on propane and natural gas that’s moving from Santa Ana to New York, plans to raise $30 million by selling stock to institutional investors.
The company said last week it plans to use the money for general purposes, including the possible repayment of debt. Fuel Systems had about $30 million in loans and lines of credit as of March 31.
The stock sale wrapped up last week.
Fuel Systems’ shares slumped about 10%, as investors feared a dilution of their ownership in the company, which had a recent market value of $335 million.
The company is the parent of Santa Ana-based Impco Technologies Inc., a maker of engine parts for propane and natural gas vehicles, and Italy’s BRC Gas Equipment SRL.
Chief Executive and dominant owner Mario Costamagna is based in Italy.
In May, the company said it plans to move its headquarters to New York.
Impco Technologies’ 210,000-square-foot Santa Ana plant, which employs 200 workers, is expected to stay put.
