Exhibit 99.3
Rekor Systems Announces Closing of Follow-On Public Offering of Common Stock
Columbia, Maryland – February 9, 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 the closing of its previously announced underwritten public offering of 10,000,000 shares of its common stock (the “Common Stock”) at a price to the public of $2.50 per share. The net proceeds to the Company from this offering are expected to be approximately $22.9 million, after deducting the underwriting discounts and commissions and other estimated offering expenses payable by the Company. In addition, the Company has granted the underwriters a 30-day option to purchase up to 1,500,000 additional shares of Common Stock.
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 prospectus@williamblair.com; 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 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 foundation 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.
