DragonWave Inc announced it was closing an underwritten public offering of units including full exercise of the over-allotment option.
The net proceeds are estimated at CA$ 26.9 million. The company said it plans to use the net proceeds from the offering to strengthen its balance sheet, to fund working capital and for general corporate uses.
DragonWave is a provider of high-capacity packet microwave solutions geared for next-generation IP networks. The company's carrier-grade point-to-point packet microwave systems transmit broadband voice, video and data, which enable service providers, government agencies, businesses and other organizations to meet their increasing bandwidth requirements quickly and at an affordable cost. Based in Ottawa, the company has sales locations in Asia, Europe, Middle East and North America.
The Canadian Imperial Bank of Commerce (CIBC) is acting as the sole book-runner and H.C. Wainwright & Co LLC is acting as lead manager for the offering.
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