Rekor Raises $65.3M From Secondary Offering At 17.5% Discount From Last Closing Price

Rekor Systems, Inc. (NASDAQ: REKR) priced 5.327 million shares at $12.25 per share to rake in gross proceeds of $65.3 million from a secondary offering. The offer price is at a 17.5% discount from REKR's last closing price of $14.80.
Additionally, the underwriters can procure additional shares up to 0.799 million at the offering price under a 30-day option.
The offering is likely to close by February 9, 2021, subject to conditions.
B. Riley Securities, Inc. and Lake Street Capital Markets, LLC are the joint book-running managers, and Northland Securities, Inc. is the co-manager for the offering.
The company plans to utilize the offering proceeds for general corporate purposes, including capital expenditures, working capital, and other corporate expenses. A portion of the proceeds will be expended on acquisitions or strategic investments.
Price action: REKR shares are down 4.6% at $14.17 on the last check Friday.