COLUMBIA, Md., July 16, 2020 (GLOBE NEWSWIRE) -- Rekor Systems, Inc. (NASDAQ:REKR), a Maryland-based company providing real-time roadway intelligence through AI-driven decisions, announced today that on July 15, 2020 it completed the final step to consummate the Note Exchange Agreement that was signed on June 30, 2020.
“We’ve benefitted greatly from the support of our noteholders. They have given us the resources to seize remarkable opportunities, overcome significant challenges, and position the Company for a period of outstanding performance,” said Robert Berman, CEO, Rekor. “Completion of this transaction reflects the extraordinary level of trust they have gained in our ability to grow rapidly despite the many challenges we face. The entire team here at Rekor is grateful for their continuing support.”
In March 2019, investors loaned Rekor $20,000,000 in exchange for senior secured promissory notes and warrants. A portion of the Notes was previously redeemed. In an agreement reached on June 30, 2020, noteholders agreed to a redemption of approximately 77% of the remaining principal balance of the Notes as of June 30, 2020. As contemplated by the Note Exchange Agreement, approximately $15.1 million in aggregate principal amount of the Notes, including accreted interest, plus call premiums and other fees payable pursuant to the terms of the Notes totaling $2.3 million, were redeemed in exchange for 4,349,497 shares of common stock at a rate of $4 per share.
About Rekor Systems, Inc.
Rekor (Nasdaq: REKR) is a Maryland-based company providing real-time roadway intelligence through AI-driven decisions. Rekor bridges commercial and government sectors with actionable, real-time vehicle recognition data to enable faster, better informed decisions with greater outcomes. Rekor is transforming industries like Public Safety, Customer Experience, and Smart Cities in more than 70 countries across the globe with smarter, quicker, cost-competitive vehicle recognition solutions for security, revenue discovery and recovery, public safety, electronic toll collection, brand loyalty, parking operations, logistics, and traffic management. We use the power of artificial intelligence to analyze video streams and transform them into AI-driven decisions. Our machine learning software can turn most IP cameras into highly accurate and affordable vehicle recognition devices used to help protect lives, increase brand loyalty, and enhance operations and logistics, without the need to install expensive new infrastructure. We make what was once considered impossible, possible. To learn more please visit our website: http://www.rekor.ai
