SPY391.77+4.27 1.10%
DIA319.53+4.14 1.31%
IXIC13,597.97+132.77 0.99%

DJ Rekor Shares Down in Premarket Trade After Offering Prices

· 02/05/2021 08:05

By Robb M. Stewart

Rekor Systems Inc.'s shares appear headed for a weak open Friday after the provider of real-time mobility and vehicle recognition data and software said a $65.3 million stock offering priced at a discount to the last closing price.

In premarket trading, the shares were 11% lower after ending Thursday at $14.86, up 84% so far in 2021.

The Maryland-based company said a public offering of about 5.3 million shares priced at $12.25 each. Underwriters have a 30-day option to buy up to 799,166 additional shares at the same price.

Proceeds from offering, which is expected to close on or about Tuesday, may be used for capital expenditures, working capital and other corporate expenses, as well as to fund acquisitions or strategic investments, Rekor said.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

February 05, 2021 08:05 ET (13:05 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.