Creatd (NASDAQ: CRTD, CRTDW), the parent company of Vocal, has closed its previously announced private placement of equity. According to the update, Creatd secured approximately $7.77 million in gross proceeds from the sale of 7,778 shares of its Series E Convertible Preferred Stock and accompanying warrants to existing shareholders and new institutional investors. The company intends to use the net proceeds to satisfy Nasdaq’s stockholders’ equity listing requirements as well as to further accelerate its business plan, social media and digital marketing initiatives; repay all of its remaining debt; fund accretive acquisitions; and fulfill other operational working capital needs. The Special Equities Group, a division of Bradley Woods & Co. Ltd., acted as exclusive placement agent for the transaction. “I am personally grateful for the support of our shareholders, who quickly came together to provide funding over the course of just a few days during the holiday period,” said Jeremy Frommer, founder and CEO of Creatd. “With our funding needs met, management now enters the new year fully focused on accelerating the growth and reach of our Vocal platform, without the distraction of immediate cash flow constraints. Going forward, with a strengthened balance sheet and our talented management team, board of directors, and advisory group, we are prepared and well-equipped to achieve profitable growth during 2021.”
To view the full press release, visit https://ibn.fm/E91Kr
About Creatd Inc.
Creatd empowers creators, brands and entrepreneurs through technology and partnership. Its flagship technology, Vocal, is a best-in-class creator platform. For more information about Creatd and its Vocal platform, visit www.Creatd.com and www.Vocal.media.
NOTE TO INVESTORS: The latest news and updates relating to CRTD are available in the company’s newsroom at http://ibn.fm/CRTD
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