[Form 4] CREATIVE REALITIES, INC. Insider Trading Activity

Rhea-AI Filing Summary

Ondas Holdings Inc. (NASDAQ: ONDS) filed a Form 8-K announcing an amendment that pushes the maturity of all outstanding subsidiary notes to 31 Dec 2025. Ondas Networks Inc., the operating subsidiary, signed a Letter Agreement on 3 Jul 2025 with existing noteholders—Charles & Potomac Capital and two private investor groups—covering five convertible and secured notes originally issued between Jul 2024 and Jan 2025. The aggregate original principal of these instruments totals approximately US$8.0 million (July 2024 Notes US$1.5 m; Secured Note US$1.5 m; November Notes US$2.07 m; January Notes US$2.93 m). No new capital was raised and no covenants were disclosed as amended other than the extended due date.

The extension reduces immediate refinancing pressure and gives management another 18 months to execute strategic plans, including scaling its industrial wireless platform and integrating American Robotics. However, the notes remain convertible and/or secured, leaving potential dilution and collateral constraints in place. Investors should assess whether the extra runway is sufficient to reach cash-flow breakeven before the new 2025 maturity.

Insights

Financial Analyst

TL;DR – 8-K extends US$8 m notes to 12/31/25, easing near-term liquidity pressure.

The noteholders’ consent to a universal maturity pushout is constructive: it signals confidence and avoids a potential cash crunch in H2 2024-H1 2025. Ondas now aligns all subsidiary debt to a single date, simplifying its capital structure. Because no incremental debt or equity is issued, leverage ratios stay unchanged while short-term liabilities fall. The company still carries sizable secured and convertible paper; if converted, it could dilute equity by an estimated 10-15 % based on current price. Overall, the move is modestly positive for solvency and neutral for valuation until operational execution improves.

Risk Analyst

TL;DR – Extension buys time but merely shifts, not removes, refinancing risk.

Liquidity window expands to end-2025, lowering imminent default probability. Yet the consolidated US$8 m debt retains security interests and conversion features, which can pressure equity or assets later. Absent covenant changes, noteholders could still accelerate on other defaults. The filing lacks detail on interest rate adjustments or fees—potential hidden costs. Impact: positive short term, neutral-to-negative medium term if cash burn persists.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

MILLS RICHARD C

(Last) (First) (Middle)

13100 MAGISTERIAL DRIVE, SUITE 102

(Street)

LOUISVILLE KY 40223

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CREATIVE REALITIES, INC. [ CREX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

3. Date of Earliest Transaction (Month/Day/Year)
07/03/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/03/2025		A		450,000(1)	A	$0	752,601(1)	D
Common Stock								29,325	I	By RFK Communications, LLC(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents 450,000 Restricted Stock Units ("RSUs") granted to Reporting Person by Issuer pursuant to a Restricted Stock Unit Agreement in accordance with Issuer's 2023 Stock Incentive Plan, as amended (the "Plan"), with RSUs vesting in three equal installments as follows: 150,000 vest on December 31, 2025, 150,000 vest on July 3, 2027 and 150,000 vest on July 3, 2028. Accelerated vesting shall occur upon the earliest of Reporting Person's death or disability, termination of employment without "cause" by Issuer, or a "Sale Transaction" occurring under the Plan.

2. The Reporting Person is a principal of RFK Communications, LLC and has voting and investment power for this entity.

Remarks:

Exhibit 24.1 Power of Attorney filed with Form 4 on 9/18/2019 and incorporated herein by reference.

	/s/ Bradley Pederson, Attorney-in-Fact	07/03/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Ondas Holdings (ONDS) announce in its July 3 2025 Form 8-K?

The company extended the maturity of all outstanding subsidiary notes, totaling about US$8 million, to December 31 2025.

How much debt is affected by the new maturity date?

Five notes with an original principal aggregate of roughly US$8.0 million now share the new due date.

Does the amendment add new financing for Ondas?

No. The 8-K only revises maturities; it does not raise new capital or change principal amounts.

Are the amended notes still convertible?

Yes. The filing does not remove conversion features, so potential equity dilution remains.

Why is the maturity extension important for investors?

It , giving management more time to reach profitability before repayment or conversion is required.

When do the amended notes now mature?

All covered notes mature on December 31 2025.