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Rekor Systems completes $22.9 million stock offering By Investing.com

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© Reuters.

COLUMBIA, MD – Rekor Systems, Inc. (NASDAQ:), a company specializing in roadway intelligence technology, has finalized its public offering, selling 10 million shares at $2.50 each. The transaction, which concluded today, is expected to net the company approximately $22.9 million after underwriting discounts and estimated expenses.

The offering also includes an option for underwriters to purchase up to an additional 1.5 million shares within a 30-day period. William Blair served as the sole book-running manager, with Northland Capital Markets as the lead manager.

This offering was made under a shelf registration statement filed with the U.S. Securities and Exchange Commission (SEC) on September 10, 2021, and declared effective on September 23, 2021. Details of the offering were outlined in a final prospectus supplement and accompanying prospectus filed with the SEC on February 8, 2024.

Rekor Systems is known for its advanced application of artificial intelligence in traffic management and roadway systems. The company’s Rekor One® Roadway Intelligence Engine is a cornerstone of its technology, enabling the analysis of vast amounts of data for improved roadway insights.

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