DZS Inc: Falls on discounted share offering

DZS

27/01/2021 12:52

** Ultra-broadband network access solutions provider's
shares  DZSI.O  down 5.68% at $14.61 premarket
    ** Co on Tuesday after-market announced offering of 4 mln
shares at a price of $14/share to raise gross proceeds of $56
mln  urn:newsml:reuters.com:*:nGNX2pdN5L
    ** Offer represents a discount of 9.6% to stock's last
close; Shares on offer represent 18.48% of co's outstanding
shares
    ** Co intends to use the net proceeds to repay outstanding
borrowings under loans to DASAN Networks Inc and for general
corporate purposes
    ** Stifel, Needham & Company and B. Riley Securities are
joint book-running managers for the offering that is expected to
close on Jan 29
    ** DZSI shares are up 0.13% YTD, as of last close

 (Reporting by Lasya Priya M in Bengaluru)
 ((LasyaPriya.M@thomsonreuters.com;))