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Rekor Systems Announces Full Exercise and Closing of Underwriters' Option in Connection with its Underwritten Public Offering of Common Stock
COLUMBIA, MD / ACCESSWIRE / February 13, 2024 / Rekor Systems, Inc. (Nasdaq:REKR) ("Rekor" or the "Company"), a leader in developing and implementing
About this update from Rekor Systems, Inc.
[{"type":"text","content":"COLUMBIA, MD / ACCESSWIRE / February 13, 2024 / Rekor Systems, Inc. (Nasdaq:REKR) (\"Rekor\" or the \"Company\"), a leader in developing and implementing state-of-the-art roadway intelligence technology, today announced that it has completed the sale of an additional 1,500,000 shares of common stock at a price to the public of $2.50 per share, pursuant to the full exercise of the option granted by the Company to the underwriters in connection with its previously announced public offering of common stock. The net proceeds to the Company for the exercise in-full of the underwriters' option, after deducting the underwriting discounts and commissions and estimated offering expenses payable by the Company, is expected to be approximately $3.5 million, or approximately $26.4 million in aggregate for the public offering including the full exercise of the underwriters' option.William Blair acted as sole book-running manager for the offering. Northland Capital Markets acted as lead manager.The securities described above were offered pursuant to an effective shelf registration statement on Form S-3 that was filed with the U.S. Securities and Exchange Commission (the \"SEC\") on September 10, 2021 and declared effective on September 23, 2021. A final prospectus supplement and accompanying prospectus relating to and describing the terms of the proposed offering was filed with the SEC on February 8, 2024. The final prospectus supplement and accompanying prospectus relating to the offering may be obtained by contacting William Blair & Company, L.L.C., Attention: Prospectus Department, 150 North Riverside Plaza, Chicago, Illinois 60606, by telephone at (800) 621-0687 or by email at [email protected]; or by accessing the SEC's website at https://www.sec.gov/.This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.About Rekor Systems, Inc.Rekor Systems, Inc. (NASDAQ: REKR) is a leader in developing and implementing state-of-the-art roadway intelligence systems using AI enabled computer vision and machine learning. As a pioneer in the implementation of digital inf...