Published on December 05, 2022
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
Commented Creatd's Chairman and CEO, Jeremy Frommer, "I am thrilled to have this opportunity to jumpstart the OG Collection, Inc.'s various expansion initiatives including its media development, partnership with the premiere licensing group in the photography space, as well as our Web 3.0 and NFT strategy. Additionally, through the plan contemplated in today's LOI, we will be in an even better position to monetize the hundreds of thousands of original images in our vast media library through both direct sales as well as transactions leveraging the Collection's impressive intellectual property."
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."
Forward Looking Statements
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