Creatd Extends No-Shop Period with GTII Until March 7, 2023

Rhea-AI Summary

Creatd, Inc. (OTCQB: CRTD) has extended its no-shop period with Global Tech Industries Group, Inc. (OTCQB: GTII) regarding a proposed acquisition, allowing more time for due diligence. The companies are evaluating a collar structure potentially valuing CRTD shares at $3.00 to $5.00. The CEO highlighted concerns over naked shorts impacting GTII and CRTD, noting that 375 million shares of CRTD have been shorted since August 2016. The extension aims to clarify share counts and short sale details, which could aid in addressing issues within the microcap space.

Positive

• Potential share value increase to $3.00-$5.00 for CRTD shareholders based on acquisition discussions.
• Extension of the no-shop period may allow for thorough due diligence, enhancing chances for a favorable transaction.

Negative

• Concerns over naked shorts affecting stock performance and integrity.
• Significant short interest with 375 million shares of CRTD reported shorted since August 2016.

NEW YORK, Jan. 30, 2023 /PRNewswire/ -- Creatd, Inc. (OTCQB: CRTD) ("Creatd" or the "Company"), a creator-first technology company, today announced that it has extended the no-shop period under its Letter of Intent with Global Tech Industries Group, Inc. ("GTII") for its proposed acquisition. While there can be no assurance that a transaction will be consummated, both companies continue to work through the due diligence process, and Creatd is analyzing a potential collar structure for the transaction, such that it can create a value of $3.00 to $5.00 per share for Creatd's shareholders.  

During this process, Creatd awaits an update on GTII's proposed transaction with 1-800-Law-Firm while continuing to pursue the spinoff of its OG Collection, Inc. media asset.

Chairman and CEO of Creatd, Jeremy Frommer, commented, "In light of recent developments regarding naked shorts in GTII, as well as a report by BUYINS.NET indicating that approximately 375 million shares of CRTD have been shorted since August 2016, we thought it best to extend the no-shop to allow more time for due diligence. It has become more important than ever for our team to determine the truth behind the physical share count, short sale count, and naked shorts that may or may not exist in the clearing firms holding shares of GTII and CRTD. These same reviews will then be used to establish a solution-oriented process at CEOBLOC to provide further information to other CEOs facing the same issues in the microcap space."

About Creatd

Creatd, Inc. (OTCQB: CRTD) is a company with a mission to provide economic opportunities to creators and brands by multiplying the impact of platforms, people, and technology. Creatd's pillars work together to create a flywheel effect, supporting our core vision of creating a viable and safe ecosystem for all stakeholders in the creator economy.

Creatd: https://creatd.com;

Creatd IR: https://investors.creatd.com;

Vocal Platform: https://vocal.media;

Investor Relations Contact: ir@creatd.com 

About GTII:

Global Tech Industries Group, Inc. (OTCQB: GTII) is a publicly traded Company incorporated in the state of Nevada, specializing in the pursuit of acquiring new and innovative technologies. Visit GTII here https://gtii-us.com/.
Please follow GTII at: https://www.otcmarkets.com/stock/GTII

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SOURCE Creatd, Inc.

FAQ

What is the no-shop period extension announced by CRTD and GTII?

Creatd, Inc. has extended the no-shop period with Global Tech Industries Group to allow more time for due diligence regarding their acquisition talks.

What value per share is Creatd aiming for in its potential acquisition?

Creatd is analyzing a collar structure that could generate a potential share value of $3.00 to $5.00 for its shareholders.

How many shares of CRTD have been shorted since 2016?

Approximately 375 million shares of Creatd (CRTD) have been reported shorted since August 2016.

Why is there concern about naked shorts with GTII?

Creatd's CEO raised concerns regarding naked shorts in GTII, which could impact both companies' share counts and market integrity.