NEW YORK, Jan. 30, 2023 /PRNewswire/ -- Creatd, Inc. (OTCQB: CRTD) ("Creatd" or the "Company"), a creator-first technology company, today announced that it has extended the no-shop period under its Letter of Intent with Global Tech Industries Group, Inc. ("GTII") for its proposed acquisition. While there can be no assurance that a transaction will be consummated, both companies continue to work through the due diligence process, and Creatd is analyzing a potential collar structure for the transaction, such that it can create a value of $3.00 to $5.00 per share for Creatd's shareholders.
During this process, Creatd awaits an update on GTII's proposed transaction with 1-800-Law-Firm while continuing to pursue the spinoff of its OG Collection, Inc. media asset.
Chairman and CEO of Creatd, Jeremy Frommer, commented, "In light of recent developments regarding naked shorts in GTII, as well as a report by BUYINS.NET indicating that approximately 375 million shares of CRTD have been shorted since August 2016, we thought it best to extend the no-shop to allow more time for due diligence. It has become more important than ever for our team to determine the truth behind the physical share count, short sale count, and naked shorts that may or may not exist in the clearing firms holding shares of GTII and CRTD. These same reviews will then be used to establish a solution-oriented process at CEOBLOC to provide further information to other CEOs facing the same issues in the microcap space."
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