Irvine-based vehicle tracking firm CalAmp Corp. said it has filed for Chapter 11 bankruptcy protection as part of a plan to sell control of the company to its principal lender, Lynrock Lake Master Fund LP.
Shares in CalAmp fell 60% to $1.07 apiece for a market cap of $1.8 million at 2:41 p.m. in New York.
CalAmp (Nasdaq: CAMP) intends to exchange the approximately $229 million of convertible senior secured notes held by Lynrock into equity interests in the reorganized company.
“During the financial restructuring, CalAmp’s U.S. and international operations will continue without disruption, and partners will be paid in the ordinary course of business,” the company said in a statement today.
For further details, please see the June 10 edition of the Business Journal.
