Rekor Systems, Inc 8-K, filed Apr 19, 2021
Rekor Systems, Inc. (REKR)
8-K
2021-04-19
For: 2021-04-19
View Original
Added on
April 12, 2026
About this 8-K
Rekor Systems, Inc filed this 8-K on April 19, 2021.
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
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): April 19,
2021
____________________
REKOR SYSTEMS, INC.
(Exact
name of registrant as specified in its charter)
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Delaware
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001-38338
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81-5266334
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(State
or Other Jurisdiction
of
Incorporation)
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(Commission
File Number)
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(IRS
Employer
Identification
No.)
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7172 Columbia Gateway Drive, Suite 400, Columbia, MD
21046
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(Address
of Principal Executive Offices)
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Registrant's
Telephone Number, Including Area Code: (410)
762-0800
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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:
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☐ Written communications pursuant to Rule 425 under
the Securities Act (17 CFR 230.425)
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☐ Soliciting material pursuant to Rule 14a-12 under
the Exchange Act (17 CFR 240.14a-12)
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☐ Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐ Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the
Act:
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Title
of each class
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Trading
Symbol(s)
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Name of
each exchange on which registered
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Common
Stock, $0.0001 par value per share
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REKR
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The
Nasdaq Stock Market
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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 2.02. Results of Operations and Financial
Condition.
On
April 19, 2021, Rekor Systems, Inc. (the “Company”)
issued a press release announcing partial preliminary financial
results for the fiscal quarter ended March 31, 2021. A copy of this
press release is furnished as Exhibit 99.1 hereto and incorporated
herein by reference.
The foregoing information is intended to be furnished under Item
2.02 of Form 8-K, “Results of Operations and Financial
Condition.” This information shall not be deemed
“filed” for purposes of Section 18 of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”),
or incorporated by reference in any filing under the Securities Act
of 1933, as amended, or the Exchange Act, except as shall be
expressly set forth by specific reference in such a
filing.
Item 9.01. Financial Statements and
Exhibits.
(d) Exhibits
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Exhibit No.
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Description
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Press
Release dated April 19, 2021
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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.
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REKOR SYSTEMS, INC.
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Date:
April 19, 2021
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/s/
Robert A. Berman
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Name:
Robert A. Berman
Title:
President and Chief Executive Officer
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Exhibit 99.1
Rekor Systems Announces Preliminary First Quarter 2021
Revenues
Company expects to achieve more
than 160% revenue growth in Q1 2021 over the same quarter in
2020
COLUMBIA, Md. – April 19, 2020 - Rekor Systems, Inc.
(NASDAQ:REKR) ("Rekor" or the “Company”), a
provider of real-time roadway, customer and public safety
intelligence to enable AI-driven decisions, announced today that it expects to report
gross revenue exceeding $4.2 million for the first quarter of 2021
as compared to $1.6 million the same quarter of 2020, which
represents growth of more than 160%.
In the
first quarter, Rekor closed a
secondary offering of 6,126,936 shares of common stock, providing
$70.1 million in net cash proceeds. As a result of the closing of
this secondary offering, all of the Company’s issued and
outstanding Series A and Series B Preferred Stock was converted
pursuant to their respective terms into an aggregate of 1,416,785
shares of the Company’s common stock. Detailed information
concerning these transactions is contained in the Company’s
Current Report on Form 8-K, as filed with the Securities and
Exchange Commission (the “SEC”) on February 9,
2021.
“Our
results in the first quarter have demonstrated a remarkably high
level of growth on a year-over-year basis,” said Eyal Hen,
Rekor CFO. “We believe this is a testament to the strategic
realignment of the Company that has focused on the longer-term
drivers of demand from our commercial and government segments. We
expect the cash raised recently to provide us with the ability to
pursue other opportunities in these segments in addition to funding
our working capital needs, operating expenses and research and
development, and other capital expenditures.”
The
financial data and other information disclosed in this press
release are unaudited. The financial data contained in this press
release is partial and preliminary and does not include all
disclosures required by accounting principles generally accepted in
the United States of America. The results for the three months
ended March 31, 2021, are not necessarily indicative of the results
to be expected for the year ending December 31, 2021. This release
should be read in conjunction with the audited consolidated
financial statements and notes thereto included in the
Company’s Annual Report on Form 10-K (the “Annual
Report”) for the year ended December 31, 2020, as filed with
the SEC on March 13, 2021. Actual results in future periods may
differ materially from expectations due to a number of risks and
uncertainties, including those risk factors disclosed in the Annual
Report.
Following
the issuance of the full first quarter financial results on Monday.
May 10, 2021, Rekor has scheduled a conference call to discuss
these results on that same day at 4:30 P.M. (Eastern
Time).
All
interested parties may listen to a live webcast of the call
at:
Online:
https://www.webcaster4.com/Webcast/Page/2523/40874
By
phone: Toll Free: 877-407-8033 or
International: 201-689-8033
An
archived webcast will also be available to replay this conference
call directly from the Company’s website under Investors,
Events & Presentations. Slides that accompany the conference
call will be available on the Company’s website.
To
learn more about Rekor, please visit www.rekor.ai.
About Rekor Systems, Inc.
Rekor
(Nasdaq: REKR) provides real-time, customer and public safety
intelligence to enable AI-driven decisions. Rekor bridges
commercial and government sectors with actionable, real-time
vehicle recognition data to enable informed decisions faster, and
with greater outcomes. Rekor is transforming industries like Public
Safety, Customer Experience, and Smart Cities in approximately 80
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 by our clients. 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: https://rekor.ai.
Forward-Looking Statements
This press release includes 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. 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 risks 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. Important factors that
could have such a result include a decline or weakness in general
economic conditions, an outbreak of hostilities, the ongoing
pandemic and responses thereto related to COVID-19, a decline or
volatility in the securities markets or regulatory changes or other
adverse developments with respect to the markets for the
Company’s products and services or an inability to obtain
adequate financing. 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 Contact:
Robin Bectel
REQ For Rekor Systems
rekor@req.co
Investor Contact:
Charles Degliomini
Rekor Systems, Inc.
ir@rekor.ai
Company Contact:
Rekor Systems, Inc.
Eyal Hen
Chief Financial Officer
Phone: +1 (443) 545-7260
ehen@rekor.ai