Rekor Systems, Inc 8-K, filed Oct 21, 2022
Rekor Systems, Inc. (REKR)
About this 8-K
Rekor Systems, Inc filed this 8-K on October 21, 2022, reporting on events of October 17, 2022.
Items reported
- Item 8.01: Other events
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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| Item 8.01 | Other Events. |
As previously disclosed in Rekor Systems, Inc.’s (the “Company”) Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, on September 18, 2020, Fordham Financial Management, Inc. (“Fordham”) commenced a lawsuit against the Company in the Supreme Court for the State of New York, New York County. Fordham has alleged that the Company breached certain terms of an underwriting agreement between the Company, then known as Novume Solutions, Inc., and Fordham, dated as of October 29, 2018.
On October 17, 2022, the Court granted Fordham’s motion for summary judgment and denied the Company’s cross-motions for summary judgment and to compel discovery. The Court awarded Fordham $1,024,620.00, representing 3% of the gross profits generated from the Company’s previously announced and concluded at-the-market equity program commenced on August 14, 2019, plus pre-judgment interest accruing at 9% per annum since April 14, 2019, and reasonable attorneys’ fees. The Company is currently evaluating whether to appeal the decision.
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: October 21, 2022 | /s/ Robert A. Berman | |||||
| Name: Robert A. Berman Title: President and Chief Executive Officer | ||||||