DragonWave (DRWI) Determines Earn-Out Payment in Connection with Axerra Networks Acquisition
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DragonWave Inc. (Nasdaq: DRWI), has determined the earn-out payment due in connection with its acquisition (the "Acquisition") of Axerra Networks, Inc. ("Axerra"). The Acquisition was completed in October, 2010.
The earn out phase of the Acquisition was completed on February 13, 2012 and, based on sales performance since the completion of the Acquisition, the earn-out amount is $1.88 Million, raising the value of the transaction to $11.4 Million. At DragonWave's option, a portion of the earn-out was paid in cash, in the amount of $83,596, with the balance of the earn-out being payable in 400,983 common shares of DragonWave, valued at $4.49 per common share based on a 20 day volume weighted average price.
The earn out phase of the Acquisition was completed on February 13, 2012 and, based on sales performance since the completion of the Acquisition, the earn-out amount is $1.88 Million, raising the value of the transaction to $11.4 Million. At DragonWave's option, a portion of the earn-out was paid in cash, in the amount of $83,596, with the balance of the earn-out being payable in 400,983 common shares of DragonWave, valued at $4.49 per common share based on a 20 day volume weighted average price.
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