09:13 AM EDT, 08/09/2024 (MT Newswires) -- (Updates with the latest stock move in the headline and first paragraph.)

Iteris ( ITI ) shares were up past 63% in recent Friday premarket activity after the company said it signed a definitive merger agreement to be acquired by Almaviva, a private Italian digital innovation group, in an all-cash deal valuing the smart mobility infrastructure management firm at about $335 million.

Iteris ( ITI ) shareholders will receive $7.20 in cash for each share of Iteris ( ITI ) common stock. The transaction is expected to close in 2024.

The Iteris ( ITI ) board of directors unanimously approved and recommended the transaction to its shareholders.

Price: 7.0000, Change: +2.72, Percent Change: +63.55