I.D. Systems Announces Closing Of Underwritten Public Offering Of Common Stock -

I.D. Systems Announces Closing Of Underwritten Public Offering Of Common Stock

Jul 17, 2017Jeremy ParkinsonFinance0

WOODCLIFF LAKE, N.J., July 17, 2017 (GLOBE NEWSWIRE) — I.D. Systems, Inc. (Nasdaq:IDSY) (“I.D. Systems” or the “Company”) today announced the closing of its previously announced underwritten public offering consisting of 2,608,695 shares of common stock at a price per share of $5.75. In addition, the underwriters of the public offering have exercised in full their option to purchase an additional 391,304 shares of common stock. Including this option exercise, the aggregate gross proceeds from the offering of a total of 2,999,999 shares of common stock, before deducting discounts and commissions and offering expenses, were approximately $17.25 million.The Company intends to use the net proceeds from the offering to fund its pending acquisition of assets of Keytroller, LLC and for general corporate purposes.

B. Riley & Co., LLC acted as the sole book-runner in the offering, and Lake Street Capital Markets, LLC acted as co-manager in the offering.

The shares of common stock were issued by I.D. Systems pursuant to a shelf registration statement on Form S-3 that was previously filed with, and declared effective by, the Securities and Exchange Commission (“SEC”). A final prospectus supplement was filed with the SEC on July 12, 2017.Copies of the final prospectus supplement and the accompanying base prospectus related to the offering may be obtained from B. Riley & Co., LLC, 11100 Santa Monica Blvd., Suite 800, Los Angeles, California 90025, or by telephone at (888) 295-0155, or by email at [email protected]. An electronic copy of the final prospectus supplement and accompanying base prospectus relating to the offering are available on the SEC’s website at www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.