Iteris Announces Closing of Follow-on Public Offering and Full Exercise of Underwriters’ Option to Purchase Additional Shares

SANTA ANA, Calif.–(BUSINESS WIRE)–$ITI #IterisIteris,
Inc
. (NASDAQ: ITI), the global leader in applied informatics for
transportation and agriculture, today announced the closing of an
underwritten public offering of $28.75 million of shares of its common
stock at a public offering price of $4.65 per share, which included the
exercise in full by the underwriters of their option to purchase
additional shares of common stock on the same terms and conditions.
Iteris received all of the proceeds from the offering less underwriting
discounts and commissions, and other offering expenses payable by the
Company.

Iteris intends to use the net proceeds from the offering to fund the
cash purchase price of a planned acquisition and for general corporate
purposes, including possible additional future acquisitions.

B. Riley FBR, Inc. acted as sole bookrunner for the offering. Northland
Securities, Inc. acted as lead manager for the offering. Co-managers
were Craig Hallum Capital Group and Dougherty & Company LLC.

The securities described above were offered by Iteris pursuant to the
Company’s shelf registration statement on Form S-3 (File No. 333-220305)
that was declared effective by the Securities and Exchange Commission
(“SEC”) on September 21, 2017. A final prospectus supplement describing
the terms of the offering and the accompanying base prospectus were
filed with the SEC and are available on the SEC’s website located at http://www.sec.gov.
Alternatively, copies of the final prospectus supplement and
accompanying prospectus relating to the offering may be obtained from B.
Riley FBR, Inc., Attention: Prospectus Department, 1300 17th St. North,
Ste. 1300, Arlington, VA 22209, or by email at [email protected],
or by telephone at (800) 846-5050.

This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of, these
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.

About Iteris, Inc.

Iteris is the global leader in applied informatics for transportation
and agriculture, turning big data into big breakthrough solutions. We
collect, aggregate and analyze data on traffic, roads, weather, water,
soil and crops to generate precise informatics that lead to safer
transportation and smarter farming. Municipalities, government agencies,
crop science companies, farmers and agronomists around the world use our
solutions to make roads safer and travel more efficient, as well as
farmlands more sustainable, healthy and productive. Visit www.iteris.com
for more information and join the conversation on Twitter,
LinkedIn
and Facebook.

Iteris Forward-Looking Statements

This release may contain forward-looking statements, which speak only as
of the date hereof and are based upon our current expectations and the
information available to us at this time. Words such as “believes,”
“anticipates,” “expects,” “intends,” “plans,” “seeks,” “estimates,”
“may,” “should,” “will,” “can,” and variations of these words or similar
expressions are intended to identify forward-looking statements. These
statements include, but are not limited to, statements about the amount
and anticipated use of proceeds from the offering and the planned
acquisition and possible future acquisitions by Iteris. Such statements
are not guarantees of future performance and are subject to certain
risks, uncertainties, and assumptions that are difficult to predict, and
actual results could differ materially and adversely from those
expressed in any forward-looking statements as a result of various
factors.

Important factors that may cause such a difference include, but are not
limited to, uncertainties related to market conditions and the
completion of the public offering; Iteris’ future business development,
financial condition and results of operations; competition in the
transportation and agriculture markets; and Iteris’ ability to manage
its costs and expenses. Further information on Iteris, Inc., including
additional risk factors that may affect our forward looking statements,
is contained in our Annual Report on Form 10-K for the fiscal year ended
March 31, 2019, the prospectus supplement related to the public
offering, our Current Reports on Form 8-K, and our other SEC filings
that are available through the SEC’s website (www.sec.gov).

Contacts

Investor Relations
MKR Investor Relations, Inc.
Todd
Kehrli
Tel: (323) 468-2300
Email: [email protected]

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