- Iteris' (NASDAQ:ITI +18.1%) board reviewed and unanimously rejected the non-binding, unsolicited proposal disclosed by Rekor Systems (NASDAQ:REKR +3.9%) to acquire Iteris for consideration consisting of ~17% cash and 83% Rekor shares at current stock prices.
- "After a careful and thorough review, conducted in consultation with our independent advisors, the Iteris board unanimously concluded that the unsolicited proposal significantly undervalues the company and is not in the best interests of our shareholders," board chairman Tom Thomas commented.