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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-OffNEW 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." About Creatd 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: https://creatd.com; Creatd IR: https://investors.creatd.com; Vocal Platform: https://vocal.media; Investor Relations Contact: [email protected] Forward-Looking Statements Any statements that are not historical facts and that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, indicated through the use of words or phrases such as "will likely result," "are expected to," "will continue," "is anticipated," "estimated," "intends," "plans," "believes" and "projects") may be forward-looking and may involve estimates and uncertainties which could cause actual results to differ materially from those expressed in the forward-looking statements. We caution that the factors described herein could cause actual results to differ materially from those expressed in any forward-looking statements we make and that investors should not place undue reliance on any such forward-looking statements. Further, any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of anticipated or unanticipated events or circumstances. New factors emerge from time to time, and it is not possible for us to predict all of such factors. Further, we cannot assess the impact of each such factor on our results of operations or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. This press release is qualified in its entirety by the cautionary statements and risk factor disclosure contained in our Securities and Exchange Commission filings.
View original content to download multimedia:https://www.prnewswire.com/news-releases/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-301695784.html SOURCE Creatd, Inc. |