Business
Creative Realities Confirms Receipt of Unsolicited Proposal from Pegasus Capital Advisors, L.P.
Board Establishes Special Committee to Evaluate Proposal Stockholders Advised to Take No Action at This Time LOUISVILLE, Ky., Feb. 07, 2023 (GLOBE NEWSWIRE)
About this update from Creative Realities, Inc.
[{"type":"text","content":"Board Establishes Special Committee to Evaluate Proposal Stockholders Advised to Take No Action at This Time LOUISVILLE, Ky., Feb. 07, 2023 (GLOBE NEWSWIRE) -- Creative Realities, Inc. (“Creative Realities,” “CRI,” or the “Company”) (NASDAQ: CREX, CREXW), a leading provider of digital signage solutions, today confirmed that on Friday, February 3, 2023, the Company’s Board of Directors (the “Board”) received an unsolicited proposal (the “Proposal”) from Pegasus Capital Advisors, L.P. (“PCA LP”) for PCA LP, on behalf of itself and certain of its affiliates (collectively, “Pegasus”), delivered to the Board a letter setting forth a proposal (the “Proposal”) for Pegasus to acquire all of the outstanding shares of Common Stock that are not owned by the Reporting Persons for a purchase price of $0.83 per share in cash. The Board has formed a special committee (the “Special Committee”) of its non-executive, independent directors which, in consultation with its financial and legal advisors, will carefully review and consider the Proposal and pursue the course of action that it believes is in the best interests of the Company’s stockholders. The Company’s stockholders do not need to take any action at this time. Mayer Brown LLP is serving as legal counsel to the Special Committee and Maslon LLP is serving as legal counsel to Creative Realities. There can be no assurance that a definitive offer relating to the Proposal will be made, that a definitive agreement relating to the Proposal or any other transaction will be entered into by the Company, or that any transaction will be consummated. About Creative Realities, Inc.Creative Realities helps clients use the latest omnichannel technologies to inspire better customer experiences. CRI designs, develops and deploys consumer experiences for high-end enterprise-level networks, and is actively providing recurring SaaS and support services across diverse vertical markets, including but not limited to automotive, advertising networks, apparel & accessories, convenience stores, food service/QSR, gaming, theater, and stadium venues. The company has operations across North America with active installations in more than 10 countries. Cautionary Note on Forward-Looking Statements This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, a...