CalAmp (Nasdaq: CAMP), the Irvine-based telematics firm, has appointed Wes Cummins, founder and chief executive officer of B. Riley Asset Management LLC, to its company board.
A fund backed by B. Riley said last month it had joined an unsolicited bid to take control of the CalAmp board.
CalAmp said in a statement yesterday it had entered into “a cooperation agreement with BRAM (B. Riley Asset Management) and one of its managed funds.”
It is anticipated that Cummins appointment and agreement will end the unsolicited bid.
Cummins said in the statement that he appreciates “the constructive discussions with the Board and management team” and that he is “excited to join CalAmp’s Board at a pivotal moment in the vompany’s transformation journey.”
Shares in CalAmp rose 8% to $6.79 apiece for a market cap of $245 million today.