March 27, 2023
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CalAmp to offer 4.2M shares to fund acquisition


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.