- Rekor Systems ( NASDAQ: REKR ) announced it has executed a term sheet providing for the issuance of up to $15M in notes to solidify its cash position and to accelerate its growth plan.
- Proceeds will provide necessary funding for company's execution plan across its public safety, urban mobility, and transportation management business.
- The company's Chairman and CEO, Robert A. Berman, has arranged and will participate in this financing.
- The term sheet provides for a closing in early January.
- The notes will have a maturity date of 30 months from the closing date and will be a senior secured debt obligation of Rekor and its wholly-owned subsidiaries.
- They may be subordinated on certain terms and conditions to a tier-one bank facility not to exceed $15M.
For further details see:
Rekor announces $15M financing to strength cash position and accelerate business growth