- Creatd, Inc. has successfully restructured an additional $1.4 million of convertible debt, bringing the total restructured amount to 77% of this class of convertible debt.
- The Company recently announced nearly $1 million of operational expense reductions.
- CEO Jeremy Frommer emphasizes that the Company remains in active discussions to further improve its financial condition.
NEW YORK, 10/12/2023 -- Creatd, Inc. is excited to announce the successful restructuring of an additional $1.4 million of convertible debt. This strategic move aligns with the Company's ongoing commitment to enhance its balance sheet. This announcement follows closely on the heels of the recent extension to 2/28/2024 of $2.5 million of convertible debt with Dorado Goose, LLC, and the restructuring of $500,000, bringing the total to over $4.4 million of debt restructured. Additionally, on the balance sheet front, the Company's sale of assets pertaining to its brands Brave and Basis cumulatively create nearly $1 million of benefit to the Company.
The Company is actively engaged in constructive dialogues with strategic partners, investors, and operational teams to optimize the value of each asset within the holding company. Creatd believes that, in the current market, the value of its individual components surpasses their collective worth, indicating that the company is presently undervalued.
Jeremy Frommer, CEO of Creatd, Inc., commented on the recent developments, saying, Our ongoing initiatives, including the strategic decisions and Vocal, Inc.'s Reg CF offering, as well as the forthcoming Reg CF offering for OG Collection, Inc., underscore our commitment to fortifying our financial stance. The upcoming record date for the proposed OG spin-off further emphasizes this dedication. By restructuring additional convertible debt and building on past efforts, we aim to enhance our balance sheet and maximize shareholder value. Our recent internal report highlights challenges like abusive naked short selling and significant fail-to-deliver issues. We believe our proactive measures will address these concerns, allowing our stock to truly reflect the inherent value our private assets already showcase.
Continued Frommer, We're profoundly thankful to our partners and stakeholders for their unwavering support. Our top priority is to clear all debt, fortify our balance sheet, enhance operating margins, and above all, amplify shareholder value. Today's announcement is a testament to our focused growth trajectory and vision.
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