OTTAWA -- DragonWave Inc. (TSX: DWI; NASDAQ: DRWI) (“DragonWave” or the “Company”) announced today that it has commenced trading on the NASDAQ Global Market under the symbol “DRWI”. DragonWave’s common shares are dual listed on the Toronto Stock Exchange and the NASDAQ Global Market.

DragonWave’s registration statement has become effective under the United States Securities Act of 1933 and the Company has obtained a receipt for a final short form base PREP prospectus in connection with a public offering consisting of 12,972,300 common shares (the “Offering”) at a public offering price of US$10.00 per share for aggregate gross proceeds of US$129,723,000.

Pursuant to the supplemented short form PREP prospectus filed today with the securities regulatory authorities in each of the provinces of Canada (except Quebec), the Company offers 7,454,050 common shares and certain selling shareholders offer 5,518,250 common shares under the Offering. In connection with the Offering, DragonWave has entered into an underwriting agreement with a syndicate of underwriters led by Canaccord Adams and Piper Jaffray & Co. The total gross proceeds to the Company will be approximately US$74.5 million. In addition, DragonWave has granted the underwriters an over-allotment option to purchase up to 1,945,845 common shares at the offering price to cover any over-allotments, exercisable during the period ending 30 days from the closing of the Offering. The Offering is expected to close on or about October 20, 2009.

DragonWave Inc. (AIM/Toronto: DWI; Nasdaq: DRWI)