Comtech Telecommunications Corp. (NASDAQ:CMTL) shares slumped 13% to US$13.995, as it priced its share offer at 14 bucks a throw.
The company is to offer 7.15mln shares to the public to raise around US$100mln, or US$95mln or so once the financiers have had their cut.
The offering is scheduled to close on June 22, 2016, subject to customary closing conditions.
The company intends to use the funds to pay down debt and for general working capital purposes.
Shares in Comtech are down 31% over the last month. Despite the cash call, it still felt able to declare a quarterly dividend of 30 cents a share when it announced results earlier this month.