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CalAmp to offer 4.2M shares to fund acquisition

By   /   Tuesday, February 12th, 2013  /   Comments Off

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CalAmp said Feb. 11 that it plans to sell 4.2 million shares of common stock in an underwritten public offering that could raise about $40 million for the Oxnard-based wireless products maker.

The proceeds would be used to partially fund the purchase of Wireless Matrix Corp., a $53 million all-cash deal announced in December.

Canaccord Genuity and B. Riley & Co. are joint book-running managers and Craig Hallum Capital Group, Northland Securities and First Analysis Securities Corp. are co-managers for the offering.

CalAmp shares soared 10.7 percent to $10.05 by late afternoon in New York on Feb. 12.

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