DragonWave (DRWI) Defends Its Stock with Normal Course Issuer Bid of "Up to 10% of the Float"

By Trader Mark
15 March 2010 @ 09:53 am EDT

It appears DragonWave (DRWI) is fighting back against whatever forces were causing the freefall in the stock.  The company announced a normal course issuer bid of "up to 10%" of the float this morning.  It is always hard to know if companies will follow through on such promises because we see announcements like this of potential stock buybacks (i.e. X amount of authorized shares) but in reality they are just announcements and the companies many times only buy a fraction of the shares authorized.  But from a strategic point of view, it's an interesting move even if they don't follow through all the way since it shows the company has the willpower to support the stock price.

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