Richey Electronics Sells Offered Shares

GARDEN GROVE — Richey Electronics Inc., an electronic components distributor, said that its public offering of 3 million shares of common stock at $5.50 a share was sold out Thursday to about 35 institutions and individual investors.

With anticipated proceeds of $15.8 million, the company plans to pay off accumulated debt of about $14 million and will add the rest to its working capital for routine business needs.