10:59 AM EDT, 04/03/2024 (MT Newswires) -- Identiv ( INVE ) said Wednesday it has agreed to sell its physical security, access card, and identity reader operations and assets to Vitaprotech for $145 million in cash.

The company expects the deal to close in Q3, subject to shareholder approval and other conditions.

Upon the deal's closing, certain senior executives will join Vitaprotech, including Identiv ( INVE ) Chief Executive Steven Humphreys, with Newquist to become CEO of Identiv ( INVE ), the company said.

Meanwhile, Identiv ( INVE ) said it has named Kirsten Newquist as president of its Internet-of-Things business, effective April 15.

Identiv ( INVE ) shares were down nearly 18% in recent trading.

Price: 6.91, Change: -1.54, Percent Change: -17.51