I.D. Systems has priced a $15 million underwritten public offering consisting of 2,608,695 shares of common stock at a price per share of $5.75, equal to a 3.4% premium relative to the stock’s Tuesday closing price.
The company, which produces wireless asset management systems for industrial trucks, rental vehicles, and transportation assets, expects to receive net proceeds of approximately $14.2 million. It said it intends to use the net proceeds from the offering to fund its acquisition of assets of Keytroller, LLC, and for general corporate purposes. The offering is expected to close July 17.