Benzinga | Jan 27, 2021 07:06AM EST

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.