Creatd Closes First Tranche of OG Collection Sale and Retains Sichenzia Ross Ference LLP for Planned Subsidiary Spin-off to its Shareholders

Published on December 14, 2022

  • Creatd retains Sichenzia Ross Ference LLP, with expertise in public listings, spin-offs, and structured products.
  • Creatd closes its first tranche of private financing for its media subsidiary, OG Collection, Inc.
  • The Company expects to complete the spin-off at the end of Q1 2023.

NEW YORK, Dec. 15, 2022 /PRNewswire/ -- Creatd, Inc. (OTCQB: CRTD) ("Creatd" or the "Company"), today announced that it has closed the sale of 7.5% 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. As previously discussed, the Company intends to sell up to 25% of the subsidiary ahead of its expected listing on the OTC in the first quarter of 2023. The Company has also disclosed the results of its recent appraisal, which affirmed a valuation of the OG Collection subsidiary, including all intellectual property, trademarks, licensing, and physical assets, at between $15-20MM.

The Company has retained Sichenzia Ross Ference LLP as lead counsel overseeing the OG Collection spin-off. A record date will be set prior to the distribution of the spun-out shares of OG Collection, Inc. Only those shareholders that can demonstrate physical ownership as of such record date will be entitled to the new security.

Commented Chairman and CEO, Jeremy Frommer, "We will not stop generating long-term value for our shareholders. I will personally ensure that only physical shareholders of record will be distributed shares in the NewCo. My intention is to apply for the ticker 'OGCL' and complete the spin-off by the end of Q1 2023. There is tremendous value to unlock in this asset and we have the right team to do it. There are a number of further exciting developments for this company that we will be announcing over the upcoming 30 days."

Continued Mr. Frommer, "Presuming the technical strategy surrounding the OG Collection spin-off is successful, we will be well-positioned to repeat the same tactical steps for another Creatd subsidiary, our consumer products business division, Creatd Ventures. Included in Creatd Ventures' portfolio are the following brands: Dune, Basis, Brave, and Camp. I have already begun preliminary discussions regarding a spin-out or merger of the Creatd Ventures assets with new companies. This should create an even more powerful fundamental buy-in on the shorts and repel their manipulative behaviors."

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