DragonWave Completes IPO Filing in the US

On October 15, 2009, telecommunications equipment maker DragonWave Inc. (NASDAQ: DRWI and TSX: DWI) announced that it had completed a US$129-million simultaneous NASDAQ IPO and offering on the Toronto Stock Exchange. This marks the first time that a publicly listed Canadian technology company has completed a $100-plus million transaction through an MJDS listing. DragonWave is now the only Ottawa-headquartered company with shares listed on NASDAQ.

DragonWave issued and sold 7,493,562 common shares at US$10.00 per share for aggregate gross proceeds of approximately US$75 million and net proceeds to the company of approximately US$70 million. DragonWave's share of proceeds will be used to strengthen finances and drive product sales. Canaccord Adams and Piper Jaffray & Co. acted as co-lead managers for the syndicate of underwriters in connection with the offering.

DragonWave was represented by Fraser Milner Casgrain LLP with respect to Canadian matters, with a team comprised of Andrea Johnson, Lara Vos Smith and Jamie Hollingworth in Ottawa; and by Craig Andrews and Matthew Leivo of DLA Piper LLP (US) with respect to US matters. Martin Langlois, Ian Putnam and Katrina Svihran from Stikeman Elliott LLP acted as counsel to the underwriters with respect to Canadian matters, while Andrew Foley, Adam Balfour and Eve Gutman from Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as counsel to the underwriters with respect to US matters.