- The Company has submitted an application to list the shares of its subsidiary, OG Collection, Inc., on Upstream
- OG Collection is expected to be spun out to shareholders in the first half of 2023
NEW YORK, Feb. 9, 2023 /PRNewswire/ — Creatd, Inc. (OTCQB: CRTD) (“Creatd” or the “Company”), a creator-first technology company, today announced that it has begun the application process to list the shares of its subsidiary, OG Collection, Inc. (“OG Collection”), on Upstream. As part of the registered spin-off, a special dividend will be issued to all shareholders of Creatd as of a soon-to-be-announced record date. Upstream is the revolutionary trading app for digital securities powered by Horizon Fintex (“Horizon”) and MERJ Exchange Limited (“MERJ”).
The spin-off transaction will be subject to various conditions, including the ability of OG Collection, Inc. at the time of distribution to comply with applicable Delaware law and registration with the Securities and Exchange Commission (“SEC”) and, if successful, would eventually result in two standalone public companies. Management’s intention is to publicly list OG Collection, Inc. via an initial listing only on Upstream, and will consider dual listing in the future.
The planned listing on Upstream is designed to provide OG Collection the opportunity to access a global, digital-first investor base that can trade using USDC digital currency along with credit, debit, PayPal, and USD, unlocking liquidity and enhancing price discovery while globalizing the opportunity to invest in Creatd’s subsidiary, the OG Collection media library and Web 3.0 business. These actions are expected to force a full count of shares in the marketplace, as the spin-off is limited to shareholders as of a to-be-announced record date.
Commenting on the application to list OG Collection on Upstream, Jeremy Frommer, CEO and Chairman of