- The successful financing efforts for OG Collection Inc. and the planned spin-off as a special dividend to $VOCL shareholders will showcase the true potential and value of the subsidiary, countering any negative perception caused by short sellers.
- The completion of the audit and subsequent spin-off will enhance shareholder value by unlocking the true fundamental value of the subsidiary, which has been undervalued in the market.
- The engagement of Turner, Stone & Company LLP to conduct an audit of OG Collection Inc. demonstrates Creatd's commitment to maintaining transparency and integrity in its financial statements, creating value for shareholders and combating abusive shorting practices.
NEW YORK, May 31, 2023 /PRNewswire/ -- Creatd, Inc. $VOCL; (Upstream: VOCL) ("Creatd" or the "Company"), the parent company of Vocal, a creator-centric SaaS platform, is pleased to announce that it has engaged Turner, Stone & Company LLP ("Turner Stone") to conduct an audit of OG Collection Inc, a significant milestone in the company's previously announced plan to spin off the subsidiary as a special dividend to $VOCL shareholders.
Turner Stone, a highly respected independent registered public accounting firm, brings extensive experience and knowledge in the industry to Creatd. Their expertise in auditing and financial reporting will play a crucial role in the Company's commitment to maintaining transparency and integrity in its financial statements.
Stated Jeremy Frommer, CEO and Chairman, "We remain steadfast in our commitment to the OG spin-off, creating shareholder value, and combating abusive shorting practices. However, it is disconcerting to witness the total market capitalization of $VOCL being lower than the external valuations of the OG Collection stand alone, despite our successful financing efforts for the business. This situation further highlights the evidence that small and microcap stocks often do not reflect their true fundamental value. Instead, they are artificially depressed by market maker manipulation and an oversold market space, exacerbated by detrimental product structures within the financing industry. The OG special dividend was always intended to enhance value and counter the persistent issue of fail-to-deliver situations that plague the small and microcap space. We remain dedicated to pushing back against these challenges and striving for a fairer market environment."
The audit of OG Collection, Inc. is expected to be completed by mid-June. Following the audit, Creatd has retained the services of Sichenzia Ross Ference LLP to complete the initial S-1 filing for the new security. The Company aims to have the S-1 filing effective by mid-summer, with an anticipated completion of the special dividend by early September.
Additionally, Creatd is excited for its upcoming release of its interactive augmented reality (AR) based art book in partnership with Studio96, titled Centerfold. This innovative art book merges traditional art with cutting-edge technology, offering a unique and immersive experience for art enthusiasts. Through the power of AR, readers will be able to bring the captivating artwork featured in the OG Collection to life, allowing them to engage with the pieces in a whole new way.
Furthermore, Creatd is preparing to host a series of experiential events at its NYC headquarters. These events will provide an immersive and interactive experience for creators and enthusiasts alike, offering a unique opportunity to engage with the vibrant Vocal community and explore the world of content creation.
Creatd remains committed to its mission of empowering creators, and these recent developments mark significant steps in its strategic growth plan. The Company looks forward to delivering increased value to its shareholders through the spin-off of OG Collection Inc and continuing to foster a thriving ecosystem for creators on the Vocal platform.
Forward Looking Statements
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