Business
Creatd Provides Update on Special Dividend and Action in Its Investigation into Potential Illegal Naked Short Selling
Creatd Provides Update on Special Dividend and Action in Its Investigation into Potential Illegal Naked Short Selling.
About this update from Creatd Inc.
[{"type":"text","content":"\n\n\n\nCreatd Provides Update on Special Dividend and Action in Its Investigation into Potential Illegal Naked Short Selling\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 Provides Update on Special Dividend and Action in Its Investigation into Potential Illegal Naked Short Selling\nPR Newswire\nNEW YORK, Feb. 27, 2023\n\n\n\nCompany engages firm to complete audit of OG Collection, Inc., preceding its expected Upstream listing and special dividend distributionCompany expects this dividend to provide material value to shareholdersRegistered spin-off expected to aid Company's effort of combating naked short selling and other abusive trading practicesNEW YORK, Feb. 27, 2023 /PRNewswire/ -- Creatd, Inc. (OTCQB: CRTD; Upstream: CRTD) (\"Creatd\" or the \"Company\"), the parent company of OG Collection, Inc. (the \"OG Collection\")  is engaging an accounting firm to complete an audit of the OG Collection. This will enable the Company to then immediately file its initial listing S-1 required to begin trading on Upstream. The trading platform is a revolutionary app for digital securities powered by Horizon Fintex (\"Horizon\") and MERJ Exchange Limited (\"MERJ\").\n\n \n \n \n \n \n \n\n \nThe Company expects the OG Collection audit to be completed before the end of March and anticipates the subsidiary spinoff to occur before the end of second quarter. The spin-off of a listed public company is a corporate action which will create a unique CUSIP for OG Collection, Inc. As part of the registered spin-off, a special dividend consisting of tradeable OG Collection shares will be issued to all Creatd shareholders of record, with the record date expected to be in the second week of April.\nEstimates of the physical collection as well as its associated IP have ranged from a pre-money valuation of nearly $10 million, per a recently completed financing, to a post-money potential of 7-10x that estimate. A further valuation of OG Collection's Web 3.0 business is currently underway and is not included in previous appraisals conducted by industry experts and should th...