- DragonWave (OTC:DRWI) has fallen 14% after news that it's priced a $6M public offering of common stock and warrants.
- The company will sell that amount in Class A units and Class B units. It may sell up to 1,791,044 Class A units (one common share, one five-year warrant and two six-month warrants) at $3.35 per unit.
- To those whose purchase of Class A units would push them over the 9.99% beneficial ownership limitation, up to 1,791,044 Class B units can be sold, made up of a pre-funded warrant for one share, and one long-term and two short-term warrants as in the Class A unit.
- Long-term warrants have an exercise price of $4.37/share; short-term warrants at $4/share.
- Shares have slipped today to $3.13, their lowest point since March.