I.D. Systems Amends Investment Agreement with Affiliates of ABRY Partners II to Set Initial Conversion Price of Preferred Stock
ID SYSTEMS (IDSY)
Last id systems earnings: 8/1 04:00 pm
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US:NASDAQ Investor Relations:
ir.id-systems.com/investor-overview
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Source: GlobeNewswire
WOODCLIFF LAKE, N.J., May 21, 2019 (GLOBE NEWSWIRE) -- I.D. Systems, Inc. (NASDAQ: IDSY), a leading provider of enterprise asset management and Industrial Internet of Things (IoT) technology, announced that it has entered into an amendment to its Investment and Transaction Agreement, dated March 13, 2019, with affiliates of ABRY Partners II, LLC in connection with the previously announced acquisition of Pointer Telocation Ltd. The Investment Agreement was amended to: set the initial conversion price of the Series A Preferred Stock at $7.319 (a 30% premium to the 30-day volume weighted average trading price of I.D. Systems’ common stock prior to the signing of the amendment);facilitate the dual-listing of the shares of PowerFleet, Inc., the newly formed holding company, on the Nasdaq Global Market and the Tel Aviv Stock Exchange, by providing that the holders of Series A Preferred Stock will not be entitled to vote on any matter presented to the stockholders of PowerFleet, Inc.
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