Creatd Announces Letter of Intent for 25% Sale of OG Collection, Inc. at $2.5 Million Purchase Price; Transaction Anticipated to Close Ahead of Planned OTC Spin-Off
NEW YORK, Dec. 6, 2022 /PRNewswire/ -- Creatd, Inc. (OTCQB: CRTD) ("Creatd" or the "Company"), a creator-first technology company, today announced that it has entered into a Letter of Intent ("LOI") with an outside party for the sale of 25% of the equity interests of its subsidiary OG Collection, Inc. (the "OG Collection"), its acclaimed media archive capturing some of the most iconic publications and people of the 20th century.
Summary of Proposed Transaction
Frommer continued, "Equally important to me is the tactical value that the spin-off of the OG Collection, Inc provides to Creatd, Inc's shareholders of record, both in monetary value as well as combating the naked short selling. The transaction announced today not only validates the pre-money value of the spin-off, but will enable us to more swiftly move through the legal and operational milestones required to list a new company. Upon listing on the OTC, the distribution of OG Collection shares to Creatd shareholders will be closely monitored to ensure no shares are distributed to shareholders who cannot prove physical ownership at the time of the transaction."
Creatd, Inc. (OTCQB: CRTD) is a company with a mission to provide economic opportunities to creators and brands by multiplying the impact of platforms, people, and technology. Creatd's pillars work together to create a flywheel effect, supporting our core vision of creating a viable and safe ecosystem for all stakeholders in the creator economy.
Creatd IR: https://investors.creatd.com;
Vocal Platform: https://vocal.media;
Investor Relations Contact: [email protected]
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SOURCE Creatd, Inc.
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