Propel Media: Decoding The Black Box Via DeepIntent's ABL With SLR Investment

2025-08-08 21:45:00 ET

The following segment was excerpted from Cedar Creek Partners Q2 2025 Results.

Propel Media ( PROM ) has not publicly reported financials since 2019. We are completely left on our own to figure out revenue and profitability. We do know that there are 252 million shares outstanding. We also know that in 2022 they had agreed to be acquired by IQVIA Holdings (nyse: IQV ) for between $700 and $800 million ($2.75 to $3.15 per share); however, in early 2024 the deal was blocked by the FTC and both Propel and IQVIA decided to walk away rather than fight. In June 2023, prior to the deal being blocked, we were able to purchase shares for $0.24 per share after becoming aware of the deal in published reports. The fund’s valuation increased from $0.85 per share to $0.90 per share in the quarter....

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