California-based Pivotal Systems Corporation (ASX:PVS) is a leading provider of innovative gas flow control solutions to the semiconductor industry.

They are undertaking an accelerated renounceable pro-rata entitlement offer to raise gross proceeds of up to approximately $US3.4M.

The new shares will be issued at $0.008 per new share, representing a 69.2% discount to the last closing price. 

Pivotal Systems says its been able to reduce headcount, controllable spending and achieved much lower operational expenditure this year to protect company growth during an industry down cycle.