10:51 AM EDT, 06/03/2024 (MT Newswires) -- CalAmp ( CAMP ) said Monday it has filed for Chapter 11 bankruptcy in a deal to be taken private by its principal secured lender.

The lender, Lynrock Lake Master Fund, plans to exchange the roughly $229 million of convertible senior secured notes it holds for equity interests in the reorganized company, CalAmp ( CAMP ) said.

CalAmp's ( CAMP ) stock fell more than 62% in recent Monday trading.

Price: 1.09, Change: -1.58, Percent Change: -59.29