Date of Report (Date of earliest event reported): October 17, 2022
REKOR SYSTEMS, INC.
(Exact name of registrant as specified in its charter)
Delaware
001-38338
81-5266334
(State or Other Jurisdiction
of Incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
6721 Columbia Gateway Drive, Suite 400, Columbia, MD21046
(Address of Principal Executive Offices)
Registrant's Telephone Number, Including Area Code: (410)762-0800
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange
on which registered
Common Stock, $0.0001 par value per share
REKR
The Nasdaq Stock Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)
Emerging Growth Company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01
Other Events.
As previously disclosed in Rekor Systems, Inc.'s (the "Company") Quarterly Report on Form 10-Qfor the quarter ended June 30, 2022, on September 18, 2020, Fordham Financial Management, Inc. ("Fordham") commenced a lawsuit against the Company in the Supreme Court for the State of New York, New York County. Fordham has alleged that the Company breached certain terms of an underwriting agreement between the Company, then known as Novume Solutions, Inc., and Fordham, dated as of October 29, 2018.
On October 17, 2022, the Court granted Fordham's motion for summary judgment and denied the Company's cross-motions for summary judgment and to compel discovery. The Court awarded Fordham $1,024,620.00, representing 3% of the gross profits generated from the Company's previously announced and concluded at-the-marketequity program commenced on August 14, 2019, plus pre-judgmentinterest accruing at 9% per annum since April 14, 2019, and reasonable attorneys' fees. The Company is currently evaluating whether to appeal the decision.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
REKOR SYSTEMS, INC.
Date: October 21, 2022
/s/ Robert A. Berman
Name: Robert A. Berman
Title: President and Chief Executive Officer
Attachments
Original Link
Original Document
Permalink
Disclaimer
Rekor Systems Inc. published this content on 21 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 October 2022 21:29:07 UTC.
Rekor Systems, Inc. is engaged in developing and implementing roadway intelligence systems using artificial intelligence (AI) and machine learning. The Company delivers mission-critical traffic and engineering services. It collects, connects and organizes mobility data, and makes it accessible and useful to its customers for real-time insights. Its comprehensive portfolio of products and services offers multiple Internet of things devices for roadside data collection, an array of curated and integrated data sets from a network of transportation ecosystem data providers, as well as platforms, applications, and data streams that have been tailored for use. Its solutions support diverse use cases, data-driven traffic operations and traffic management, real-time incident detection and response, and high-definition video traffic surveillance. Its subsidiaries include Rekor Recognition Systems, Inc., Waycare Technologies, Ltd., Southern Traffic Services, Inc. and All Traffic Data Systems.
REKOR SYSTEMS, INC. 
