RTTNews | Jul 24, 2020 09:55AM EDT

09:54 Friday, July 24, 2020 (RTTNews.com) - Sierra Wireless (SWIR) hit a 52-week high of $12.49 Friday morning, and is currently trading at $11.48, up $1.93 or 20.25%. For the past one year, the stock has been trading in the range of $4.31 - $12.49. Trading volume is rising over 434K versus an average volume of 239K shares.

The company, on Thursday, announced a definitive agreement to divest its Shenzhen, China-based automotive embedded module product line for US$165 million in cash.

Sierra Wireless expects that about 150 of its employees would become employees of Rolling Wireless. About 120 of these employees are located in Mainland China. The other 30 are located in Europe or in the APAC region.

The transaction is expected to close in the Fourth Quarter of 2020 and remains subject to customary closing conditions, including approval from China's Ministry of Commerce.

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