Rekor Systems closes $15 million stock offering

Rekor Systems Inc. (NASDAQ: REKR) completed a $15 million underwritten registered direct offering, the company announced Monday. The roadway intelligence technology company sold 8,571,428 units at $1.75 per unit.

Each unit consists of one share of common stock and a warrant to purchase one additional share at $2.40 per share. The warrants are immediately exercisable and expire seven years from issuance. The common stock and warrants trade separately.

William Blair served as the sole book-running manager for the offering, which included participation from one institutional investor. Rekor plans to use net proceeds for working capital, capital expenditures and general corporate purposes.

The securities were offered under an effective shelf registration statement filed with the Securities and Exchange Commission in July 2024 and declared effective in August 2024. A prospectus supplement was filed with the SEC on December 15.

Columbia, Maryland-based Rekor develops artificial intelligence-enabled computer vision and machine learning systems for roadway intelligence applications.

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