Creative Realities (CREX) said Monday that it settled a dispute with former stockholders of Reflect Systems regarding contingent cash payments from its merger with Reflect.
The media company said the settlement ends its obligation to pay a guaranteed consideration in exchange for a $3 million cash payment, a $4 million promissory note, and the issuance of certain warrants.
The promissory note is unsecured, accrues 14% interest annually, and requires the company to make a $2.3 million balloon payment on the maturity date of Sept. 14, 2027, Creative Realities said.
Shares were almost 7% lower in recent premarket activity.
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