false 0001697851 0001697851 2025-01-06 2025-01-06
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM 8-K
 
 
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): January 6, 2025
 
 
REKOR SYSTEMS, INC.
(Exact name of registrant as specified in its charter)
 
 
Delaware
  
001-38338
  
81-5266334
(State or Other Jurisdiction
of Incorporation)
  
(Commission
File Number)
  
(IRS Employer
Identification No.)
 
6721 Columbia Gateway Drive, Suite 400, Columbia, MD 21046
(Address of Principal Executive Offices)
 
Registrant’s Telephone Number, Including Area Code: (410) 762-0800
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
  
Trading
Symbol(s)
  
Name of each exchange
on which registered
Common Stock, $0.0001 par value per share
  
REKR
  
The Nasdaq Stock Market
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)
 
Emerging Growth Company ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 
 
 
 
Item 8.01
Other Events.
 
Completion of Pre-Paid Advance Agreement
 
As previously reported by Current Reports on Form 8-K filed on August 14, 2024 and October 22, 2024, Rekor Systems, Inc. (the “Company”) entered into a Pre-Paid Advance Agreement, as amended by Amendment No. 1 to the Pre-Paid Advance Agreement (the “PPA”), with YA II PN, Ltd., a Cayman Islands exempt limited company (the “Investor”), an affiliate of Yorkville Advisors Global, LP. In accordance with the terms of the PPA, the Investor advanced to the Company a pre-paid advance of $15,000,000 (the “Pre-Paid Advance”). On January 6, 2025, the Company issued a press release announcing that as of December 31, 2024, repayment of the Pre-Paid Advance has been satisfied in-full in accordance with the terms of the PPA. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
 
 
 
Item 9.01.
Financial Statements and Exhibits.
 
(d) Exhibits
 
Exhibit
No.
  
Description
   
99.1
  
     
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
 
 
 
SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
REKOR SYSTEMS, INC.
Date: January 6, 2025
/s/ Eyal Hen
Name: Eyal Hen
Title:  Chief Financial Officer
 
 
 

Exhibit 99.1

 

logo.jpg

 

Rekor Systems Fully Satisfies Outstanding Balance from Yorkville Advisors

 

COLUMBIA, MD – January 6, 2025 — Rekor Systems, Inc. (NASDAQ: REKR), a leader in developing and implementing state-of-the-art roadway intelligence technology, announced today that, as of December 31, 2024, it has fully satisfied the outstanding balance of $15 million under its August 2024 Prepaid Advance Agreement with an affiliate of Yorkville Advisors Global.

 

Eyal Hen, Rekor's Chief Financial Officer, commented, "This prepayment underscores our dedication to prudent financial management and shareholder value creation. By eliminating this obligation early, we have enhanced our balance sheet flexibility. This positions Rekor to better capitalize on strategic growth initiatives while maintaining a disciplined approach to capital allocation. We thank Yorkville for its partnership and appreciate its support in satisfying the Prepaid Advance Agreement ahead of schedule."

 

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 infrastructure, Rekor is collecting, connecting, and organizing the world's mobility data – laying the foundation for a digitally-enabled operating system for the roadway. With our Rekor One® Roadway Intelligence Engine at the core of our technology, we aggregate and transform trillions of data points into intelligence through proprietary computer vision, machine learning, and big data analytics that power our platforms and applications. Our solutions provide actionable insights that give governments and businesses a comprehensive picture of roadways while providing a collaborative environment that drives the world to be safer, greener, and more efficient. To learn more, please visit our website: https://rekor.ai, and follow Rekor on social media on LinkedIn, X (formerly Twitter), Threads, and Facebook.

 

Forward-Looking Statements

This press release and its links and attachments contain statements concerning Rekor Systems, Inc. and its future expectations, plans, and prospects that constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the impact of Rekor's core suite of AI-powered technology and the size and shape of the global market for the Company's products and services. Such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. For this purpose, any statements that are not statements of historical fact may be deemed to be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," or "continue," by the negative of these terms or by other similar expressions. You are cautioned that such statements are subject to many risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risk that actual circumstances, events or results may differ materially from those projected in the forward-looking statements, particularly as a result of various risks and other factors identified in our filings with the Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made and are based on management's assumptions and estimates as of such date. We do not undertake any obligation to publicly update any forward-looking statements, whether as a result of the receipt of new information, the occurrence of future events, or otherwise.

 

 

Media & Investor Relations Contact:

Rekor Systems, Inc.

Charles Degliomini
ir@rekor.ai

 

 

 
v3.24.4
Document And Entity Information
Jan. 06, 2025
Document Information [Line Items]  
Entity, Registrant Name REKOR SYSTEMS, INC.
Document, Type 8-K
Document, Period End Date Jan. 06, 2025
Entity, Incorporation, State or Country Code DE
Entity, File Number 001-38338
Entity, Tax Identification Number 81-5266334
Entity, Address, Address Line One 6721 Columbia Gateway Drive
Entity, Address, Address Line Two Suite 400
Entity, Address, City or Town Columbia
Entity, Address, State or Province MD
Entity, Address, Postal Zip Code 21046
City Area Code 410
Local Phone Number 762-0800
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $0.0001 par value per share
Trading Symbol REKR
Security Exchange Name NASDAQ
Entity, Emerging Growth Company false
Amendment Flag false
Entity, Central Index Key 0001697851
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