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 that it has commenced a proposed underwritten public offering of common stock of the Company. In addition, Rekor expects to grant the underwriters of the offering a 30-day option to purchase additional shares of common stock at the public offering price, less underwriting discounts and commissions. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
B. Riley Securities, Inc. and Lake Street Capital Markets, LLC, are acting as joint book-running managers, and Northland Securities, Inc. is acting as 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 preliminary prospectus supplement describing the terms of the offering will be filed with the SEC and will form a part of the effective registration statement. Copies of the preliminary prospectus supplement and the accompanying prospectus relating to the offering may be obtained, when available, 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 email@example.com; or at the SEC’s website at http://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.