DragonWave looking for $50 million

Dragonwave.jpgWireless ethernet equipment maker DragonWave Inc. is arranging a public offering meant to raise up to $50.3 million. The company intends to use the proceeds from the issue to penetrate deeper into global markets and fund development of new wireless ethernet products, as well as to provide financing for potential future acquisition and general corporate purposes. DragonWave will pocket about 54% of the take, while the balance will go to shareholders including several venture capital firms and local tech tycoon Terence Matthews. The company expects to realize about $28 million from the public round, which should close by September 20.

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