Creative Realities closes acquisition of Reflect Systems; issues $10M term loan and consolidates debt

CREATIVE REALITIES, INC.

Merger with Reflect Systems closed Feb 17, 2022; Reflect now wholly owned subsidiary of Creative Realities.
Total consideration: $18.67M cash, 2.33M shares of CRI stock, and contingent cash based on future stock price.
New $10M term loan at 8% interest (50% warrant coverage) and consolidation of $7.185M existing loans at 10% (75% warrant coverage).
CEO Rick Mills' base salary increased to $450,000; CFO Will Logan to $350,000 plus $75,000 bonus.
Shareholders approved Retention Bonus Plan and share issuance proposals at Feb 15 special meeting.

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