Systems Supplier Balqon To Go Public With Stock

Balqon Corp., which makes electric drive and battery systems for heavy trucks, said it intends to sell 8.2 million shares of its stock to the public.

The prospectus filed with the Securities and Exchange Commission represents 23% of Balqon’s shares outstanding, which total 35 million.

The offering includes 3.66 million shares in the form of warrants and 3.9 million shares in the form of convertible notes as well as common stock. The stock is being sold by more than 75 shareholders and Balqon, Harbor City, Calif., said it won’t receive any of the proceeds.

Balqon’s products include Class 7 and Class 8 electric tractors for local on-highway deliveries as well as yard or terminal services.

Among its orders are 25 tractors for use at the Port of Los Angeles.

In the second quarter, Balqon’s revenue was $615,000 and its net loss was $3.67 million. The shares are traded on NASDAQ under the ticker symbol “BLQN.”