NEW YORK, 10/11/2023 -- Creatd, Inc. is excited to announce the successful restructuring of an additional $500K convertible debt. This strategic move aligns with the company's ongoing commitment to enhance its balance sheet. It follows closely on the heels of the recent extension to 2/28/2024 of $2.5M of convertible debt with Dorado Goose, LLC, which combined with today’s announcement brings the total to over $3M of debt restructured. Additionally, on the balance sheet front, the Company’s sale of assets pertaining to its brands Brave and Basis cumulatively create over $800K of benefit to the Company, as announced yesterday.
Jeremy Frommer, CEO of Creatd, remarked on this significant development, stating, “Our continuous efforts to strengthen our financial position are evident in these strategic decisions as well as Vocal, Inc.'s Reg CF offering. The restructuring of this additional convertible debt, combined with our previous initiatives, showcases our unwavering dedication to enhancing our balance sheet. We are deeply grateful to our partners and stakeholders for their continued support, I remain in negotiations on the balance. Our primary objective remains to eliminate all debt, bolster our balance sheet’s resilience, improve operating margins, and, most importantly, generate value for our shareholders. We are on a path of growth and consolidation, and today's announcement further underscores our determination and vision.”
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