Bookrunner Rodman & Renshaw sells units of common shares and warrants
By Devika Patel
Knoxville, Tenn., Aug. 3 – DragonWave Inc. said it priced a $6 million public sale of units. The offering was announced July 7.
The company will sell up to 1,791,044 units. It plans to sell a combination of class A units of one common share, one long-term warrant and two short-term warrants at $3.35 per class A unit and class B units of a pre-funded warrant, one long-term warrant and two short-term warrants at $3.34 per class B unit.
The long-term warrant is exercisable at $4.37 for five years. The short-term warrant is exercisable at $4.00 for six months. The strike prices are 20.06% and 9.89% premiums to the Aug. 2 closing share price of $3.64.
Rodman & Renshaw is the bookrunner.
Settlement is expected Aug. 8.
Proceeds will be used for general corporate purposes.
Concurrent with the public offering, DragonWave expects to sell an additional 63,000 class A units in a Canadian private placement for $211,050.
The Ottawa company develops broadband wireless backhaul and pseudowire equipment.
| Issuer: | DragonWave Inc.
|
| Issue: | Class A units of one common share, one long-term warrant and two short-term warrants, class B units of one pre-funded warrant, one long-term warrant and two short-term warrants
|
| Amount: | $6 million
|
| Units: | 1,791,044
|
| Warrants: | One long-term warrant and two short-term warrants per unit
|
| Bookrunner: | Rodman & Renshaw
|
| Announcement date: | July 7
|
| Pricing date: | Aug. 3
|
| Settlement date: | Aug. 8
|
| Stock symbol: | Nasdaq: DRWI
|
| Stock price: | $3.64 at close Aug. 2
|
| Market capitalization: | $10.39 million
|
|
|
| Class A units
|
| Price: | $3.35
|
|
|
| Class B units
|
| Price: | $3.34
|
|
|
| Long-term warrants
|
| Warrant strike price: | $4.37
|
| Warrant expiration: | Five years
|
|
|
| Short-term warrants
|
| Warrant strike price: | $4.00
|
| Warrant expiration: | Six months
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
