Rekor Systems, Inc., (NASDAQ:REKR) ("Rekor") (the "Company") a Maryland-based company providing real-time roadway, customer and public safety intelligence to enable AI-driven decisions, announced today that on February 20, 2021, it had advised Iteris, Inc. (ITI) that it was prepared to offer to purchase all of Iteris' outstanding common stock. The offer to Iteris was for a combination of cash and common stock subject to confirmatory diligence and approval of both boards of directors. On February 26th, Rekor was advised that the board of directors of Iteris "has decided at this time the combination of the two companies would not be in the best interest of [Iteris'] shareholders."
"Since announcing our active consideration of potential merger partners several weeks ago, we've received a number of inquiries about a possible combination with Iteris from Rekor shareholders and investors. Obviously, we haven't been in a position to respond," said Robert Berman, Rekor CEO. "We are clearly disappointed with their swift rejection and wanted to avoid any inappropriate speculation."