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Creatd Closes First Tranche of OG Collection Sale and Retains Sichenzia Ross Ference LLP for Planned Subsidiary Spin-off to its Shareholders
Creatd Closes First Tranche of OG Collection Sale and Retains Sichenzia Ross Ference LLP for Planned Subsidiary Spin-off to its Shareholders.
About this update from Creatd Inc.
[{"type":"text","content":"\n\n\n\nCreatd Closes First Tranche of OG Collection Sale and Retains Sichenzia Ross Ference LLP for Planned Subsidiary Spin-off to its Shareholders\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nCreatd Closes First Tranche of OG Collection Sale and Retains Sichenzia Ross Ference LLP for Planned Subsidiary Spin-off to its Shareholders\nPR Newswire\nNEW YORK, Dec. 15, 2022\n\n\n\nCreatd retains Sichenzia Ross Ference LLP, with expertise in public listings, spin-offs, and structured products.Creatd closes its first tranche of private financing for its media subsidiary, OG Collection, Inc.The Company expects to complete the spin-off at the end of Q1 2023.NEW YORK, Dec. 15, 2022 /PRNewswire/ -- Creatd, Inc. (OTCQB: CRTD) (\"Creatd\" or the \"Company\"), today announced that it has closed the sale of 7.5% of the equity interests of its subsidiary, OG Collection, Inc. (the \"OG Collection\"), its acclaimed media archive capturing some of the most iconic publications and people of the 20th century. As previously discussed, the Company intends to sell up to 25% of the subsidiary ahead of its expected listing on the OTC in the first quarter of 2023. The Company has also disclosed the results of its recent appraisal, which affirmed a valuation of the OG Collection subsidiary, including all intellectual property, trademarks, licensing, and physical assets, at between $15-20MM.\n\n \n \n \n \n \n \n\n \nThe Company has retained Sichenzia Ross Ference LLP as lead counsel overseeing the OG Collection spin-off. A record date will be set prior to the distribution of the spun-out shares of OG Collection, Inc. Only those shareholders that can demonstrate physical ownership as of such record date will be entitled to the new security.\nCommented Chairman and CEO, Jeremy Frommer, \"We will not stop generating long-term value for our shareholders. I will personally ensure that only physical shareholders of record will be distributed shares in the NewCo. My intention is to apply for the ticker 'OGCL' and complete the spin-off by the end of Q1 2023. There is tremendous value to unlock in this ...