Adrian J Cotterill, Editor-in-Chief
Creative Realities (NASDAQ:CREX) has entered into definitive agreements for a private placement with a U.S. institutional investor of 1.31M shares along with warrants and 5.85M pre-funded warrants; each pre-funded warrant exercisable for one share.
- Each share and accompanying warrant are being sold together at a combined offering price of $1.535 and each pre-funded warrant and accompanying common warrant are being sold together at a combined offering price of $1.5349.
- The common warrants will have an exercise price of $1.41/share; exercisable immediately and will have a term of five years from issuance date.
- Net proceeds will be used to satisfy a portion of the cash component of the merger consideration payable to Reflect Systems stockholders.
- For remaining capital for Reflect acquisition, the company expects to finalize the terms of an amended loan and security agreement with its current creditor wherein it expects to receive an additional $10M in secured term debt financing.
- Private Placement is expected to close on or about Feb.4.
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