Shares of Rekor Systems (NASDAQ: REKR) went on a bit of a roller-coaster ride on Friday. After initially dropping 11%, the stock ripped 15.5% above Thursday’s close before ending Friday’s session 8% higher.
Prior to the market open, Rekor Systems announced the pricing of a previously announced common stock offering. Priced at $12.25 per share, the offering price represented a 17.5% discount from Thursday’s closing share price. But investors shrugged off the lower price as it was still more than 50% higher than where the stock began the year. Investors felt the $65 million in proceeds will be a long-term benefit to the business.