CalAmp prices stock offering at USD9.25
Feb 15, 2013 (TELECOMWORLDWIRE via COMTEX) --
CalAmp Corp. (NASDAQ: CAMP) announced the pricing of an underwritten public offering of 4,500,000 shares of its common stock at $9.25 per share.
The underwriters have a 30-day option to purchase, at the same price per share as the underwriters paid for the initial shares, an additional 675,000 shares to cover over-allotments, if any. The offering is expected to close on February 20, 2013, subject to customary closing conditions.
The company expects to receive net proceeds of $39 million, after deducting underwriting discounts and estimated offering expenses, assuming no exercise of the underwriters' over-allotment option, and intends to use the proceeds to fund a portion of the purchase price for its pending acquisition of the operations of Wireless Matrix Corp.
Canaccord Genuity Inc. and B. Riley & Co., LLC are acting as joint book-running managers for the offering. Craig-Hallum Capital Group LLC, Northland Securities, Inc. and First Analysis Securities Corp. are acting as co-managers for the offering.
CalAmp is a provider of wireless communications solutions for a broad array of applications to customers globally. The company's two business segments are Wireless DataCom, which serves enterprise, utility and government customers, and Satellite, which focuses on the North American Direct Broadcast Satellite market. For more information, visit www.calamp.com.
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