Attached files
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| EX-10.1 - PPP LOAN NOTE - 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 26, 2020
____________________
REKOR SYSTEMS, INC.
(Exact
name of registrant as specified in its charter)
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Delaware
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001-38338
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81-5266334
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(State
or Other Jurisdiction of Incorporation)
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(Commission
File Number)
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(IRS
Employer Identification No.)
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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:
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Title
of each class
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Trading
Symbol(s)
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Name of
each exchange on which registered
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Common
Stock, $0.0001 par value per share
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REKR
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The
Nasdaq Stock Market
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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.
Rekor Systems, Inc. – PPP Loan
On
May 26, 2020, Rekor Systems, Inc., a Delaware corporation (the
“Company”), entered into a promissory note with Newtek
Small Business Finance, LLC, which provides for a loan in the
principal amount of $221,500 (the “Rekor PPP Loan
Note”) pursuant to the Paycheck Protection Program under the
Coronavirus Aid, Relief, and Economic Security Act (the
“CARES Act”). The Rekor 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 Rekor PPP Loan Note may be prepaid at
any time prior to maturity with no prepayment penalties. The Rekor
PPP Loan Note contains events of default and other provisions
customary for a loan of this type. The Paycheck Protection Program
provides that the Rekor PPP Loan Note may be partially or wholly
forgiven if the funds are used for certain qualifying expenses as
described in the CARES Act. The Company intends to use the entire
Rekor 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 Rekor PPP Loan Note does not purport
to be complete and is qualified in its entirety by reference to the
complete text of the Rekor PPP Loan Note. A copy of the Rekor 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:
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Exhibit Number
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Description
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Rekor
Systems, Inc. PPP Loan Note dated as of May 20, 2020
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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.
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REKOR SYSTEMS, INC.
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Date:
May 26, 2020
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/s/
Robert A. Berman
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Name:
Robert A. Berman
Title:
President and Chief Executive Officer
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