Rekor Systems (REKR) Prices 5.33M Share Common Offering at $12.25/Sh

Rekor Systems, Inc. (NASDAQ: REKR) today announced the pricing of its previously announced underwritten public offering of 5,327,773 shares of common stock of the Company at a price to the public of $12.25 per share. Rekor expects to receive aggregate gross proceeds of approximately $65.3 million from the offering, prior to deducting underwriting discounts and commissions and offering expenses payable by the Company.

In addition, the Company has granted the underwriters of the offering a 30-day option to purchase up to 799,166 additional shares of common stock at the public offering price, less underwriting discounts and commissions. The offering is expected to close on or about February 9, 2021, subject to customary closing conditions.

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, which may include capital expenditures, working capital, and other corporate expenses. 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 our technology.

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