- Collectively the company has reduced liabilities by $2.5M
- Company remains in active discussions with bondholders
New York, NY – 10/23/2023 – Creatd, Inc. ($VOCL) ("Creatd" or the "Company") today announced an additional reduction of nearly $200K in its liabilities, advancing its strategic plan for financial stability. This initiative, along with the prior savings of approximately $2.3 million, culminates in a total reduction of nearly $2.5 million in liabilities, significantly strengthening the Company's balance sheet. Ongoing dialogue with bondholders resulted in extensions to 2/28/24 and is anticipated to further decrease the notes payable significantly.
As part of its capital-raising initiatives, Creatd, Inc. continues to explore the sale of up to 25% of its subsidiary, Vocal, Inc. Additionally, the Company is on track to launch its second Regulation Crowdfunding (Reg CF) campaign for its subsidiary and private media entity, OG Collection, Inc. This will be followed by anticipated spin-off of up to 50% of the entity to Creatd, Inc. shareholders of a to-be-announced record date. Collectively, these efforts are projected to reduce payables, debt, and total liabilities by as much as 50%, marking a pivotal step in Creatd’s financial turnaround strategy.
Jeremy Frommer, CEO and Chairman of Creatd, Inc., commented, “Our commitment to improving our financial structure is paying off. The substantial reduction in liabilities is a testament to the diligent efforts of the entire Creatd team. As we forge ahead, the ongoing discussions with bondholders and our capital-raising endeavors through the potential sale of a portion of Vocal, Inc. and the upcoming Reg CF for OG Collection, Inc., are expected to further bolster our financial position, enabling sustained growth and value creation for our shareholders.”
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