By Owen Tucker-Smith
Rekor Systems shares rose after the company said its vehicle recognition technology was certified for use in New Jersey's $13 million public safety initiative.
Shares of the Columbia, Md., company were up 33% to $2.09 on Wednesday. Despite the intraday gains, the stock is down 42% over the past year, and is still 44% below its 52-week high.
The New Jersey Statewide Networked Automatic License Plate Recognition Program is a state effort to combat crime and motor vehicle theft. Rekor Scout, the company's AI-driven recognition technology, allows traffic and security cameras to extract vehicle and license plate data. The program also triggers real-time alerts, the company said.
Rekor said its participation in the program would allow for significant growth opportunities.
Write to Owen Tucker-Smith at owen.tucker-smith@wsj.com
(END) Dow Jones Newswires
January 22, 2025 14:31 ET (19:31 GMT)
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