DZS Raises $56 Million From Secondary Offering

DZS Inc. (NASDAQ: DZSI) has priced 4 million shares at $14 per share in a public offering to raise gross proceeds of $56 million.
DZS has granted the underwriters a 30-day option to purchase up to 0.6 million additional shares.
The company plans to use the capital for the debt repayment of DASAN Networks and general corporate purposes, including financing acquisitions.
The share sale will close on January 29, 2021.
Stifel, Needham & Company, and B. Riley Securities are the joint book-running managers for the offering.
Price Action: DZS shares are lower by 6.5% at $14.49 in the pre-market session on the last check Wednesday.