Published on March 07, 2023
NEW YORK, March 8, 2023 /PRNewswire/ -- Creatd, Inc. (OTCQB: CRTD) ("Creatd" or the "Company"), the parent company of Vocal, today released an update regarding its ongoing legal dispute with The Lind Partners, LLC and its affiliates. The dispute concerns a convertible promissory note in the amount of $900,000, with Lind alleging that Creatd, Inc. breached certain representations and warranties related to the note and demanding immediate repayment of the full amount.
The Company responded to Lind's demands by offering numerous alternatives, while its underlying stock value continued to deteriorate rapidly. The Lind Partners, LLC refused to negotiate, unlike all other note holders who agreed to a restructuring last year. Continued pressure on the stock hindered financing and eventually led to Creatd's delisting from the Nasdaq to the OTC Markets.
In response, Creatd, Inc. has filed a motion to dismiss and has complied in a consistent legal fashion. In the event that the issue is joined, the Company will request in discovery all trading records related to its underlying company's stock by The Lind Partners, LLC.
CEO and Chairman of Creatd, Jeremy Frommer, stated, "At this early stage, we are strictly trying to analyze data. There is more than enough evidence that there has been unusual trading in CRTD and it demands further investigation."
He added, "To that end, we have asked legal counsel to look into filing multiple requests of trading records from market makers in CRTD stock. When and if the Company enters the discovery period in The Lind Partners, LLC case, any trading records related to The Lind Partners, LLC that were done with external broker dealers will also be analyzed."
The Company remains committed to resolving this dispute in a legal and fair manner and will continue to provide updates as the situation develops.
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