Current Report Filing (8-k)
January 03 2020 - 5:24PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d)
of
the
Securities Exchange Act of 1934
Date
of Report (date of earliest event reported): December 30, 2019
CREATIVE
REALITIES, INC.
(Exact
name of registrant as specified in its charter)
Minnesota
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001-33169
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41-1967918
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(State
or other jurisdiction
of incorporation)
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|
(Commission
File Number)
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(IRS
Employer
Identification No.)
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13100
Magisterial Drive, Suite 100, Louisville, KY
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40223
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(Address
of principal executive offices)
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(Zip
Code)
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(502)
791-8800
(Registrant's
telephone number, including area code)
Not
applicable
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
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☐
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class
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Trading
Symbol(s)
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Name
of each exchange on which registered
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Common
Stock, par value $0.001 per share
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CREX
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The
Nasdaq Stock Market LLC
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Warrants
to purchase Common Stock
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CREXW
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The
Nasdaq Stock Market LLC
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Item
1.01 Entry into a Material Definitive Agreement.
Seventh
Amendment to Loan and Security Agreement and Secured Convertible Special Loan Promissory Note.
On December 30, 2019, Creative Realities,
Inc. (the “Company”) entered into a Seventh Amendment to Loan and Security Agreement (the “Seventh Amendment”)
with its subsidiaries and Slipstream Communications, LLC (“Lender”). Pursuant to the Seventh Amendment, Lender made
a $2,000,000.00 loan to the Company (the “Special Loan”) under the terms of the Company’s existing Loan and
Security Agreement with Lender (as amended by the Seventh Amendment, the “Loan Agreement”). The Company used $1,100,000.00
of the Special Loan proceeds to extinguish an approximately $2,700,000.00 accrued expense owed by the Company and its subsidiary,
ConeXus World Global, LLC, to a vendor.
The Special Loan is evidenced by a Secured
Convertible Special Loan Promissory Note (the “Note”). The Note bears simple interest at 8% per annum, of which 6%
is payable in cash (the “Interest and 2% is payable in kind as additional principal under the Note (“Additional Principal”),
which is payable monthly commencing February 1, 2020. The entire unpaid principal balance of the Note (including the Additional
Principal) together with all accrued but unpaid interest is due on June 30, 2021 (the “Maturity Date”). The Company
may prepay the Note, in whole or in part, at any time and from time to time, without penalty or premium. The principal (including
the Additional Principal) and accrued but unpaid interest will be converted into a new class of senior preferred stock of the Company
upon any event of default or in the event that the Company does not refinance the Note prior to October 1, 2020, with such class
of senior preferred stock of the Company to be created in advance of such conversion, having those rights and preferences set forth
in the Loan Agreement and as otherwise agreed to by the Company and Lender.
The
Seventh Amendment and the Note are filed as Exhibits 10.1 and 10.2 to this report, respectively, and the foregoing descriptions
are qualified in their entirety by reference thereto.
Item
9.01 Financial Statements and Exhibits.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
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Creative
Realities, Inc.
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(Registrant)
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Date:
January 3, 2020
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By:
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/s/
Will Logan
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Will
Logan
Chief Financial Officer
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