Business
Creative Realities Rejects Unsolicited Proposal by Pegasus Capital Advisors, L.P.
LOUISVILLE, Ky., May 19, 2023 (GLOBE NEWSWIRE) -- As previously reported, on May 1, 2023, Creative Realities, Inc. (“Creative Realities,” “CRI,” or the
About this update from Creative Realities, Inc.
[{"type":"text","content":"LOUISVILLE, Ky., May 19, 2023 (GLOBE NEWSWIRE) -- As previously reported, on May 1, 2023, Creative Realities, Inc. (“Creative Realities,” “CRI,” or the “Company”) (NASDAQ: CREX, CREXW) received a revised proposal (the “Revised 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 $2.85 per share in cash. The Revised Proposal followed an earlier proposal (the “Original Proposal”) from 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 $2.49 per share in cash (adjusted for the Company’s 1-for-3 reverse stock split) effected March 27, 2023. The Original Proposal was rejected by a special committee (the “Special Committee”) of the Company’s non-executive, independent directors. The Special Committee, in consultation with its advisors, carefully reviewed and considered the Revised Proposal to determine what course of action it believed to be in the best interests of the Company’s shareholders. The Special Committee has concluded that the Revised 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 Revised 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. About Creative Realities, Inc.Creative Realities helps clients use place-based digital media to achieve business objectives such as increased revenue, enhanced customer experiences, and improved productivity. The Company designs, develops and deploys digital signage experiences for enterprise-level networks, and is actively providing recurring SaaS and support services across diverse vertical markets, including but not limited to retail, automotive, digital-out-of-home (DOOH) advertising networks, convenience stores, foodservice/QSR, gaming, theater, and stadium venues. With its recent acquisition...