Rekor Systems announces early redemption of senior secured notes

Rekor Systems announced its decision to early redeem all $12,500,00 of its outstanding Senior Secured Notes. This reflects the Company’s commitment to strengthening its balance sheet and removes a first priority lien on all the Company’s assets. The redemption of all outstanding SSNs is expected to occur on March 4, 2024. A portion of the proceeds of a recent public offering were allocated to the repayment of the SSNs and holders of the SSNs also agreed to receive $1,875,000 of the redemption price in the form of 750,000 unregistered common shares at $2.50 per share. Robert A. Berman, Rekor’s Chairman and CEO, is one of the holders of the SSNs.