NEW
YORK, Sept. 19, 2022 /PRNewswire/ -- Creatd,
Inc. (OTCPK: CRTD) ("Creatd" or the "Company"), a creator-first
holding company, today announced a $800,000 registered direct offering off the
Company's shelf (the "Offering"). The Company is actively executing
a holistic restructuring plan with the primary objective of
reducing operating expenses while raising the necessary capital to
scale the business and recover shareholder value.
![Creatd Raises $800,000 in a Registered Direct Offering off the Company’s Shelf Creatd Raises $800,000 in a Registered Direct Offering off the Company’s Shelf](https://mma.prnewswire.com/media/1901396/Creatd_raise_800k_in_offering.jpg)
Under the terms of the Offering, the majority of the Company's
convertible debt has extended its maturity to March 31st, 2023, and reset the conversion price
and exercise price of the associated Warrants. This extension
by the participants in the Offering gives the Company ample
time to complete its strategic restructuring and progress its
ongoing discussions on the sale of certain assets and the spin-off
of its media library, the OG Collection. The Company and holders of
the convertible debt have entered into a definitive agreement for
the sale of 4 million shares of Common Stock with attached Warrants
to purchase 4 million shares of Common Stock, with such attached
Warrants having a 5-year term and an exercise price of $0.20 per share. The purchase price for one share
of Common Stock and one Warrant is $0.20. The common shares sold in this transaction
will be registered under the Company's outstanding registration
statement on Form S-3.
Commented Creatd's Chairman and CEO Jeremy Frommer, "Today's announcement, as well
as other prospective financing opportunities under review, are part
of a concerted effort to secure the capital structure of the firm
and continue to grow revenues as well as develop our proprietary
technology. At the same time, we have implemented a robust
austerity program over the last several weeks which includes a 40%
decrease in headcount, as well as a considerable reduction of
salaries for current employees on a go-forward basis. In addition,
we have eliminated some of our operating expenses by implementing
cost-cutting efforts driven by technology and have negotiated
favorable terms with our vendors to weather periods of financing
volatility."
Continued Mr. Frommer, "Our team remains confident in our core
business and the value of the assets that we have created and
believe that the current stock price is not reflective of the
Company's intrinsic value. We look forward to further updating our
shareholder community on our progress in that endeavor."
Investors can find information on the OTC Market and its various
tiers at www.otcmarkets.com.
About Creatd
Creatd, Inc. (OTCPK: CRTD) is a company with a mission to
provide economic opportunities to creators and brands by
multiplying the impact of platforms, people, and technology. The
Company has four main business segments, or 'pillars': Creatd Labs,
which houses Vocal and Orbit LLC.; Creatd Ventures, operating
its portfolio of e-commerce brands, Dune, Camp, Basis and
Brave; Creatd Studios, which oversees the Company's fine art
collection the OG Gallery; and Creatd Partners, housing the WHE
Agency and our brand activation strategies. Creatd's pillars work
together to create a flywheel effect, supporting our core vision of
creating a viable and safe ecosystem for all stakeholders in the
creator economy.
Creatd: https://creatd.com;
Creatd IR: https://investors.creatd.com;
Vocal Platform: https://vocal.media;
Investor Relations Contact: ir@creatd.com;
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impact of each such factor on our results of operations or the
extent to which any factor, or combination of factors, may cause
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forward-looking statements. This press release is qualified in its
entirety by the cautionary statements and risk factor disclosure
contained in our Securities and Exchange Commission filings.
![(PRNewsfoto/Creatd, Inc.) (PRNewsfoto/Creatd, Inc.)](https://mma.prnewswire.com/media/1294458/Creatd_Logo.jpg)
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SOURCE Creatd, Inc.