BUZZ-DragonWave Inc: Worst day in more than 2 months

Thu Apr 7, 2016 10:18am EDT
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** Canadian wireless networking equipment maker's U.S.-listed shares down 16.6 pct at $7.34 in heavy trading; pare some losses after falling as much as 16.93 pct, its biggest pct loss in more-than two months

** Toronto-listed stock down 16.2 pct at C$9.61

** Company offers about 600,000 shares at $7.25/ share

** DragonWave also issues warrants to buy 300,000 shares at exercise price $8.50/share; price of half of a warrant $7.25

** Warrants not exercisable for six months and one day from issuance and will expire five years from date of issuance

** Expects net proceeds from offering of about $4.09 mln for general corporate purposes

** Up to Wednesday's close, company's U.S.-listed stock had lost nearly half its value in past 12 months