Creatd, Inc. Reduces Convertible Debt by 75%, Significantly Strengthening Financial Position

Published on July 05, 2024

Creatd, Inc. (OTC: $CRTD) (“The Company”) is pleased to announce a substantial improvement in its financial health. The Company has further reduced its convertible notes from $5.4 million at the end of 2023 to $1.4 million currently, marking a near 75% reduction. This achievement with the most recent reduction completed yesterday underscores the Company’s commitment to bolstering its balance sheet and ensuring long-term sustainability.

In recent months, Creatd has implemented strategic initiatives aimed at reducing debt and enhancing operational efficiency. As highlighted in previous press releases:

  • Change of Auditors and Filing of 2023 Financials: Creatd announced a change of auditors and successfully filed its 2023 financials, setting the stage for improved financial transparency and governance.
  • Filing 2023 Financial Results With the OTC: The Company achieved major cost reductions and improved gross margins, marking the first time in its history to report positive gross margins.
  • Special Shareholder Meeting: Creatd announced the dates for its special shareholder meeting, demonstrating its ongoing commitment to shareholder engagement, corporate governance and strategic action.

Jeremy Frommer, CEO of Creatd, Inc., stated, "We are relentlessly pursuing our corporate strategy, and in the end, we will persevere against the rigged financial markets. This battle goes well beyond $CRTD. An entire marketplace is being systematically destroyed by institutionalized thievery in market-making algorithms. The builders of these algorithms did not intend for them to be used this way. They are being used for destruction, not democratization. I believe this is bigger than just one company. $CRTD is at the tip of the spear."

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