Business
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.
About this update from Creatd Inc.
[{"type":"text","content":"\n\n\n\nCreatd Raises $800,000 in a Registered Direct Offering off the Company's Shelf\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 Raises $800,000 in a Registered Direct Offering off the Company's Shelf\nPR Newswire\nNEW YORK, Sept. 19, 2022\n\n\n\nNEW 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.\n\n \n \n \n \n \n \n\n \nUnder 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.\nCommented 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% decre...