Attached files
file | filename |
---|---|
EX-10.1 - MATERIAL CONTRACTS - Rekor Systems, Inc. | rekr_ex101.htm |
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________
FORM 8-K
____________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of
Report (Date of earliest event reported): May 5, 2020
____________________
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.)
|
7172 Columbia Gateway Drive, Suite 400, Columbia, MD
21046
(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 1.01 Entry into a Material Definitive
Agreement.
Global Technical Services – PPP Loan
On
May 5, 2020, Global Technical Services, Inc., a Texas corporation
(“Global”) and wholly owned subsidiary of Rekor
Systems, Inc., a Delaware corporation (the “Company”),
entered into a promissory note with BOKF, NA, d/b/a Bank of
Oklahoma, which provides for a loan in the principal amount of
$5,005,400 (the “Global PPP Loan Note”) pursuant to the
Paycheck Protection Program under the Coronavirus Aid, Relief, and
Economic Security Act (the “CARES Act”). The Global PPP
Loan Note has a two-year term and bears interest at a rate of 1.0%
per annum. Monthly principal and interest payments are deferred for
six months after the date of disbursement. The Global PPP Loan Note
may be prepaid at any time prior to maturity with no prepayment
penalties. The Global PPP Loan Note contains events of default and
other provisions customary for a loan of this type. The Paycheck
Protection Program provides that the Global PPP Loan Note may be
partially or wholly forgiven if the funds are used for certain
qualifying expenses as described in the CARES Act. Global intends
to use the entire Global PPP Loan Note amount for qualifying
expenses and to apply for forgiveness of the loan in accordance
with the terms of the CARES Act.
The
foregoing description of the Global PPP Loan Note does not purport
to be complete and is qualified in its entirety by reference to the
complete text of the Global PPP Loan Note. A copy of the Global PPP
Loan Note is filed as Exhibit 10.1 to this Current Report on Form
8-K and is incorporated by reference herein.
Item 2.03 Creation of a Direct Financial
Obligation
The disclosure set forth above in Item 1.01 is incorporated by
reference herein.
Item 9.01. Financial Statements and
Exhibits
(d)
Exhibits.
The following exhibits are filed herewith:
Exhibit Number
|
|
Description
|
|
Global
Technical Services PPP Loan Note dated as of April 30,
2020
|
2
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:
May 8, 2020
|
/s/
Robert A. Berman
|
|
|
Name:
Robert A. Berman
Title:
President and Chief Executive Officer
|
|
|
|
|
|
|
|
|
|
|
3