Rekor Systems Amends Prepaid Advance Agreement with Investor

Rekor Systems, Inc. (NASDAQ: REKR) recently announced an important development regarding its Pre-Paid Advance Agreement (PPA) with YA II PN, Ltd., an affiliate of Yorkville Advisors Global, LP. The company disclosed in a Form 8-K filing with the Securities and Exchange Commission that on October 22, 2024, it entered into Amendment No. 1 to the PPA with the investor.

As per the original agreement dated August 14, 2024, the Investor provided Rekor Systems with a pre-paid advance of $15,000,000. The terms of the agreement also allowed for a potential additional advance of $20,000,000 within one year, subject to specific conditions outlined in the PPA. However, with the recent Amendment No. 1, the Optional Additional Advance clause has been removed from the agreement.

While the Optional Additional Advance option has been eliminated, all other terms and provisions of the Pre-Paid Advance Agreement remain unchanged and in full force. For a more comprehensive understanding of the changes, interested parties are directed to the full text of Amendment No. 1 filed as Exhibit 10.1 to the Current Report on Form 8-K.

This update provides important insights into the ongoing financial arrangements and strategic partnerships of Rekor Systems, reflecting the company’s commitment to effective financial management and growth strategy.

This information was disclosed by Rekor Systems, Inc. in a filing with the SEC dated October 22, 2024, and signed by Eyal Hen, the company’s Chief Financial Officer.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Rekor Systems’s 8K filing here.

Rekor Systems Company Profile

Rekor Systems, Inc, a technology company, provides infrastructure solutions for transportation, public safety, and urban mobility markets in the United States and internationally. The company's platforms include Rekor One, an AI-powered roadway intelligence platform; Rekor Command, a comprehensive cross-agency platform that offers various applications for traffic management centers, freeway service patrol, first responders, and maintenance crews; Rekor Discover, a platform that ingests data from its hardware and automates comprehensive analytics and actionable insights about the movement of objects across the roadway; and Rekor Scout platform, which automates previously manual processes with collaborative solutions that keep all stakeholders apprised of developing situations and accelerate reaction times to incidents and offenders.