Rekor Systems, Inc. (NASDAQ: REKR) (“Rekor” or the “Company”), a Maryland-based company providing real-time roadway, customer and public safety intelligence to enable AI-driven decisions, today announced the closing of its underwritten public offering of 6,126,936 shares of its common stock, including 799,166 shares sold pursuant to the exercise in full of the underwriters' option to purchase additional shares at the public offering price of $12.25 per share. As a result of the underwriters' exercise of the option, the aggregate gross proceeds to the Company from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by the company, was approximately $75.1 million.
B. Riley Securities, Inc. and Lake Street Capital Markets, LLC acted as joint book-running managers, and Northland Securities, Inc., was a co-manager for this offering. The Company currently intends to use the net proceeds of this offering for general corporate purposes, including working capital, operating expenses, and capital expenditures. The Company may also use a portion of the net proceeds for acquisitions or strategic investments in complementary businesses, products, services, or technologies, including companies that might benefit from the use of Rekor technology.
A shelf registration statement on Form S-3 relating to the public offering of the shares of common stock described above was filed with the Securities and Exchange Commission (“SEC”) and was declared effective on April 30, 2018. A final prospectus supplement describing the terms of the offering was filed with the SEC and forms a part of the effective registration statement. Copies of the final prospectus supplement and the accompanying prospectus relating to the offering may be obtained from: B. Riley Securities, Inc., 1300 North 17th Street, Suite 1300, Arlington, VA 22209, Attention: Prospectus Department, or Lake Street Capital Markets, LLC, Attention: Syndicate Department, 920 Second Avenue South, Suite 700, Minneapolis, Minnesota 55402, or by calling (612) 326-1305, or by emailing firstname.lastname@example.org; or at the SEC’s website at https://www.sec.gov.
This press release is not an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.