DZSI - DZS stock slides on pricing ~$28.8M of stock offering

• DZS ( NASDAQ: DZSI ) shares are down 14.9% after-hours after the firm has priced an underwritten registered public offering by the company and DASAN Networks of 3,377,315 shares of the company’s common stock at a price of $11.50/share, of which 2,507,750 shares are being offered by the company and 869,565 shares are being offered by the selling stockholder.
• Underwriters are granted a 30-day option to purchase at the public offering price, up to an additional 376,162 shares and 130,435 shares of common stock, respectively, or 506,597 shares of common stock in the aggregate.
• Offering is expected to close on or about November 21, 2022.
• Gross proceeds payable to the company from the offering are expected to be ~$28.8M.
• Net proceeds from the offering will be used for general corporate purposes.
• The company will not receive any of the proceeds from the sale of the shares of common stock by the selling stockholder.

• Earlier, DZS falls 8% after hours on proposed stock offering .

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