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Oak Brook Terrace, Illinois –(Business Wire)–Redbox Entertainment Inc. (NASDAQ: RDBX) (“Redbox” or the “Company”) today announced that Redbox’s shareholders have approved a merger agreement with Soul Entertainment Inc. (NASDAQ: RDBX). : CSSE) (“CSSE”).
At the special meeting of Redbox shareholders held today, there were 40,837,113 shares of Redbox common stock, representing approximately 87.9% of the outstanding shares of Redbox common stock entitled to vote at the special meeting, attended in person or by proxy, and 39,503,634 votes were cast in favor of the Redbox merger proposal , owns approximately 85.04% of the outstanding shares of Redbox’s common stock entitled to vote at the special meeting.
About Red Box
Redbox is a well-known brand and a leading supplier to the US home entertainment market. Redbox is focused on providing its customers with the best entertainment value and the most choices in the way of consumption through physical media and/or digital services. Redbox is going through a major business expansion and digital transformation. Redbox has transformed from a pure-play DVD rental company to a diversified entertainment company by offering DVD rentals as well as a growing library of content across various content windows including transactional (TVOD), ad-supported (AVOD/FLTV), and Distributor of original feature films in 2019. Redbox currently operates through two operating segments: (1) traditional and (2) digital. For its traditional business, Redbox operates a nationwide network of approximately 38,000 self-service kiosks, Where consumers can rent or buy newly released DVDs and Blu-ray Discs (“movies”). Redbox also generates service revenue by providing installation, sales, and troubleshooting services to other kiosk businesses. Finally, Redbox distributes only through its movies Brand Redbox Entertainment, LLC acquires and distributes films, acquiring rights to talent-led films distributed across Redbox platforms as well as third-party digital services. For its digital business, Redbox offers transactional and ad-supported digital streaming services, including 1) Redbox On Demand, a transactional service that offers digital rentals or the purchase of new releases and catalogues of film and TV content, 2) Redbox Free On Demand (AVOD), an ad-supported service that offers free movies and TV shows on demand, and 3) Redbox Free Live TV (FLTV), a free, ad-supported TV service with access to more than 130 linear channels. Redbox also sells third-party display ads, as well as kiosk display and video ads, through its mobile app, website and email.For more information, please visit https://investors.redbox.com/.
forward-looking statements
This communication relates to a proposed business combination transaction between Chicken Soup for the Soul Entertainment, Inc. and Redbox Entertainment Inc. This communication contains “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements address a variety of topics, such as the expected benefits of the proposed transaction, the expected impact of the proposed transaction on the business and future financial and operating results of the combined organization, the expected amount and timing of projected synergies from the proposed transaction, and The expected closing date for the proposed transaction. Statements that are not historical facts, including statements about CSSE’s and Redbox’s beliefs, plans and expectations, are forward-looking statements. Such statements are based on CSSE and Redbox’s current expectations and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Forward-looking statements often contain words such as “anticipate,” “anticipate,” “intend,” “plan,” “believe,” “will,” “estimate,” “will,” “target” and similar expressions as these A variant or negative form of a word. Among other things, the following important factors and uncertainties could cause actual results to differ materially from those described in these forward-looking statements: Uncertainty about the duration, extent and impact of the COVID-19 pandemic; political and economic uncertainty Certainty, including any shakes in global economic conditions or the stability of credit and financial markets, weakening of consumer confidence and declines in customer spending; unavailability of raw materials, services, supplies or manufacturing capacity; changes in geographic scope or product or customer mix Changes in export classifications, import and export regulations, or duties and duties; changes in CSSE or Redbox’s estimates of its expected tax rates under current tax law; CSSE’s ability to successfully integrate Redbox’s business and technology; expected benefits and synergies from the proposed transaction and post-merger The risk that the company’s growth prospects may not be fully realized in a timely manner or at all; the adverse outcome of litigation matters, including the possibility of litigation related to the proposed transaction; the risk that CSSE or Redbox will not be able to retain and hire key personnel; the ability to complete the respective shareholder approvals required to complete the proposed transaction and the risks associated with the timing of closing of the proposed transaction, including the risk that the conditions of the transaction may not be satisfied in a timely manner or the transaction may not be completed at all or for any other reason or on the expected terms, including anticipated tax treatment; the risk of not obtaining any regulatory approvals, consents or authorisations that may be required for the proposed transaction, or the risk of obtaining the expected conditions; unexpected difficulties or expenses related to the transaction, business partner response and reservations resulting from the announcement and pending transaction; the uncertainty of the long-term value of CSSE common stock; and the timing of administration of matters related to the transfer transaction. These and other risks associated with the proposed transaction are contained in the Registration Statement and Proxy Statement/Information Statement/Prospectus on Form S-4 filed with the Securities and Exchange Commission (“SFC”) in connection with the proposed transaction. While the lists of factors set forth here and in the registration statement on Form S-4 are believed to be representative, such lists should not be construed as an A complete statement of certainty. For more information on other factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to CSSE and Redbox’s respective periodic reports and other filings with the SEC, including CSSE and Redbox Most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K. Forward-looking statements represent management’s current expectations, are inherently uncertain, and are made only as of the date of this article. Except as required by law, CSSE and Redbox Neither undertakes or undertakes any obligation to update any forward-looking statements, whether as a result of new information or to reflect subsequent events or circumstances or otherwise.
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