Published on February 08, 2023
NEW YORK, Feb. 9, 2023 /PRNewswire/ -- Creatd, Inc. (OTCQB: CRTD) ("Creatd" or the "Company"), a creator-first technology company, today announced that it has begun the application process to list the shares of its subsidiary, OG Collection, Inc. ("OG Collection''), on Upstream. As part of the registered spin-off, a special dividend will be issued to all shareholders of Creatd as of a soon-to-be-announced record date. Upstream is the revolutionary trading app for digital securities powered by Horizon Fintex ("Horizon") and MERJ Exchange Limited ("MERJ").
The spin-off transaction will be subject to various conditions, including the ability of OG Collection, Inc. at the time of distribution to comply with applicable Delaware law and registration with the Securities and Exchange Commission ("SEC") and, if successful, would eventually result in two standalone public companies. Management's intention is to publicly list OG Collection, Inc. via an initial listing only on Upstream, and will consider dual listing in the future.
The planned listing on Upstream is designed to provide OG Collection the opportunity to access a global, digital-first investor base that can trade using USDC digital currency along with credit, debit, PayPal, and USD, unlocking liquidity and enhancing price discovery while globalizing the opportunity to invest in Creatd's subsidiary, the OG Collection media library and Web 3.0 business. These actions are expected to force a full count of shares in the marketplace, as the spin-off is limited to shareholders as of a to-be-announced record date.
Commenting on the application to list OG Collection on Upstream, Jeremy Frommer, CEO and Chairman of Creatd, said, "This is the first step in executing our long-held strategic vision to spin-off our OG Collection media library and capture the full value of this asset, as well as curtail naked short selling of Creatd's underlying stock."
Approval to be listed on Upstream is subject to acceptance by MERJ.
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