DragonWave halted after announcing stock offering

|About: DragonWave Inc. (DRWI)|By:, SA News Editor

DragonWave (NASDAQ:DRWI) plans to sell C$21.5M ($20M) worth of stock and warrants through a public offering. The offering will consist of units featuring one share and 0.5 warrants. Each warrant can be converted into a share at a specified price.

The mobile backhaul hardware vendor had $15.6M in cash as of May 31, and $17.5M in debt.

Shares have been halted.