Company: IMXI
Filing Date: 2025-10-21
Form Type: PREM14A
Source: 0001140361-25-038818
Chunk: 61

Company: International Money Express, Inc.
Filing Date: 2025-10-21
Form: PREM14A
Chunk 61
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 to the signing of the Merger Agreement. This chronology does not purport to catalogue every conversation of or among members of the Board of Directors, the Strategic Alternatives Committee, Western Union, Intermex’s representatives, Western Union’s representatives and other parties. Other than as described below, there have been no material contacts between Intermex and Western Union in the past two years.

The Board of Directors and Intermex’s management regularly review Intermex’s operations, performance, strategic direction, opportunities and risks in light of the business, competitive, regulatory, financing, economic and political environment and developments in the money transmission and payments industry. These reviews have included discussions, in concert with Intermex’s financial and legal advisors, regarding long-term strategic plans and various strategic opportunities available to Intermex as well as ways to enhance stockholder value and Intermex’s performance and prospects. As a result, members of Intermex’s senior management have, from time to time, engaged in discussions with representatives of other companies that operate in the money transmission and payments industry, as well as private equity firms, regarding such opportunities.

During the period leading up to and following the announcement of Intermex’s second quarter 2024 earnings results on August 7, 2024, Intermex management took note of decelerating growth in its retail business and continued accelerated growth in its digital business, and determined that these trends could require a significant shift in its business strategy to invest more heavily in digital services and products. Although management was of the view that investing in Intermex’s digital business was prudent, it also recognized that the expenses necessary to accomplish this growth, including systems upgrades, personnel additions and increased marketing costs to acquire digital customers, would likely cause near to intermediate term reductions in Intermex’s operating results, including net income, EBITDA and free cash generated, which effects would likely adversely affect the market value of Intermex’s common stock. Moreover, management also was concerned that there were significant risks to any such change in strategy and that there could be no assurance that the anticipated benefits would be obtained. On August 14, 2024 and August 19, 2024, Intermex received letters from two separate long-term institutional stockholders that urged the Board of Directors to explore strategic alternatives, including a sale of Intermex, in consideration of, among other things, such stockholders’ respective views that Intermex was undervalued in the public market and could better execute on its strategic plans