Iteris Announces Pricing of Public Offering of Common Stock

SANTA ANA, Calif.–(BUSINESS WIRE)–$ITI #IterisIteris,
Inc
. (NASDAQ: ITI), the global leader in applied informatics for
transportation and agriculture, today announced that it has priced its
underwritten registered public offering of 5,376,345 shares of its
common stock at a price to the public of $4.65 per share.

Iteris has granted the underwriters a 30-day option to purchase at the
public offering price, less the underwriting discount, up to an
additional 806,452 shares of common stock. All shares of common stock to
be sold in the offering will be offered by Iteris. The offering is
expected to close on or about June 18, 2019.

The total gross proceeds from the offering are expected to be
approximately $25.0 million. After deducting the underwriters’ discount
and other estimated offering expenses payable by Iteris, the net
proceeds are expected to be approximately $23.1 million. These amounts
assume no exercise of the underwriters’ over-allotment option. 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. is acting as sole bookrunner for the
offering. Northland Securities, Inc. is acting as lead manager for the
offering. Co-managers are Craig Hallum Capital Group and Dougherty &
Company LLC.

The offering is being made 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.
The shares may be offered only by means of a prospectus. A final
prospectus supplement describing the terms of the offering and the
accompanying base prospectus will be filed with the SEC and will be
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, when available, 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
expected closing date of the offering, amount and use of proceeds of the
offering, a planned acquisition and possible future acquisitions by
Iteris, and the filing of a final prospectus supplement. 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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