Rekor Systems, Inc. (REKR): debt financing — Rekor Systems closes $12.5M private placement of senior secured notes with warrants

Rekor Systems, Inc.

Initial closing of up to $15M private placement; $12.5M funded Jan 18, 2023 at 12% interest, matures July 2025.
Issued warrants to purchase 6.25M shares at $2.00, 5-year term; up to 1.25M additional warrants on further $2.5M tranche.
CEO Robert Berman invested $2M; existing 10.3% holder Arctis invested $6.5M; Arctis gets board designation right.
Proceeds to fund public safety, urban mobility, and transportation management growth; discussions with large strategic investors ongoing.

item 1.01 item 2.03 item 3.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Rekor Systems, Inc. incurred senior notes of $12,500,000 in aggregate principal amount of Notes with certain accredited investor at 12% per annum maturing July 18, 2025.

Instrument: senior notes
Principal: $12,500,000 in aggregate principal amount of Notes
Counterparty: certain accredited investor
Rate: 12% per annum
Maturity: July 18, 2025
Event: incurrence

Exact text from the filing

In connection with the initial closing on January 18, 2023, the Company issued $12,500,000 in aggregate principal amount of Notes

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Rekor Systems, Inc. entered into Securities Purchase Agreement with certain accredited investors valued at up to $15,000,000 in aggregate principal amount of senior secured promissory notes (effective 2023-01-18).

Action: entry
Agreement: equity purchase
Counterparty: certain accredited investors
Value: up to $15,000,000 in aggregate principal amount of senior secured promissory notes
Effective: 2023-01-18

Exact text from the filing

On January 18, 2023, Rekor Systems, Inc. (the “ Company ”) entered into a Securities Purchase Agreement (the “ Securities Purchase Agreement ”) with certain accredited investor (the “ Investors ”), pursuant to which the Company agreed to issue and sell to the Investors in a private placement transaction (the “ Private Placement ”) (i) up to $15,000,000 in aggregate principal amount of senior secured promissory notes (the “ Notes ”), and (ii) warrants (the “ Warrants ”) to purchase up to an aggregate of 7,500,000 shares of common stock of the Company, par value $0.0001 per share (“ Common Stock ”).

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88 debt financings filed in the last 30 days. Browse all debt financings →

Rekor Systems, Inc. filing history →

Source: SEC EDGAR

accession 0001654954-23-000648

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