Business
Creative Realities announces Intention to Increase 2023 Guidance and Rejection of unsolicited proposal by Pegasus Capital Advisors, L.P.
LOUISVILLE, Ky., March 28, 2023 (GLOBE NEWSWIRE) -- Creative Realities, Inc. (“Creative Realities,” “CRI,” or the “Company”) (NASDAQ: CREX, CREXW), a leading
About this update from Creative Realities, Inc.
[{"type":"text","content":"LOUISVILLE, Ky., March 28, 2023 (GLOBE NEWSWIRE) -- Creative Realities, Inc. (“Creative Realities,” “CRI,” or the “Company”) (NASDAQ: CREX, CREXW), a leading provider of digital signage and media solutions, announced two material updates for shareholders ahead of its anticipated earnings call scheduled for Thursday, March 30, 2023 at 9:00am EST. 1. Status Of Special Committee’s Consideration of Offer from Pegasus Capital Advisors, L.P. As previously reported, on February 2, 2023, the Company received a proposal from Pegasus Capital Advisors, L.P., on behalf of itself and certain of its affiliates (collectively, “Pegasus”), to acquire all of the outstanding shares of common stock of the Company that are not owned by Pegasus for a purchase price of $0.83 per share (or, as a result of our recent reverse stock split, $2.49 per share) in cash. The Special Committee of the Company’s Board of Directors (the “Special Committee”) has concluded that such proposal undervalues the Company based on the Company’s existing business and current and future prospects, and is not in the best interests of the Company’s existing shareholders. The Special Committee advised Pegasus that it has rejected the proposal. The Special Committee remains available to evaluate and respond to any revised proposal. There can be no assurance that any revised proposal or definitive offer will be made or accepted, that any agreement will be executed, or that any transaction will be consummated. 2. Confirmation of 2022 Results; Intention to Increase Revenue Guidance for 2023 CRI is scheduled to release its financial results for the year ended December 31, 2022 on Thursday, March 30, 2023. Interested parties can register for the Company’s planned earnings call at bit.ly/CRIearnings2022Q4. Once registered, participants can use the weblink provided in the registration email to participate in the live webcast. In conjunction with the call to review those results, CRI intends to discuss the following: Confirm the Company exceeded its previously published target of $43 million of revenue for the year-ended December 31, 2022;Provide updates on the initial feedback and success in the market of the Company’s digital drive-thru product; andIncrease the Company’s previously published revenue guidance for the full year 2023. “There have been a number of developments that represe...