DZS dives on deep-discounted stock offering

Dasan Networks

17/11/2022 14:15

** DZS Inc's  DZSI.O  shares down 17.5% to over 1-mth low
$11.25 premarket after broadband provider's stock offering
prices
    ** Plano, Texas-based co late Weds announced ~3.4 mln shares
at $11.50, 15.7% discount to last sale  urn:newsml:reuters.com:*:nGNX4ZBGGh
    ** DZSI sold ~2.5 mln shares, raising $28.8 mln for general
corp purposes, including R&D, sales and marketing activities
    ** South Korea's Dasan Networks  039560.KQ  offloaded
869,565 shares, cutting its holdings to ~9.2 mln shares, or ~33%
stake, per prospectus filing
    ** DZSI has ~27.95 mln shares outstanding, per Refinitiv
data
    ** On Nov 2, shares plunged 16.6% to $12.64 after co posted
Q3 adj EPS below consensus, per Refinitiv  urn:newsml:reuters.com:*:nTUA9LVQKS
    ** Stock off ~16% YTD through Weds close, and ~32% off its
1-yr high hit in Jun
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))