DZSI - DZS falls 8% after hours on proposed stock offering
- DZS ( NASDAQ: DZSI ) stock fell 7.8% after hours on Wednesday as the firm announced an underwritten registered public offering of 2.5M shares by the company and ~870K shares by DASAN Networks.
- The company and the selling shareholder expect to grant underwriters a 30-day option to buy up to an additional 15% of the shares sold in the proposed offering.
- Net proceeds will be used for general corporate purposes, which may include R&D, sales and marketing initiatives, and working capital.
- DZS ( DZSI ) will not receive any proceeds from the sale of shares of common stock by the selling shareholder.
- There can be no assurance as to whether or when the offering may be completed.
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DZS falls 8% after hours on proposed stock offering