Creatd Triumphs with Successful Settlement of Seller's Choice Dispute

Rhea-AI Summary

Creatd, Inc. (Nasdaq: CRTD) has successfully settled a dispute from June 2020, paying a total of $799,000, which includes $660,000 of principal and $139,000 of accrued interest. This settlement reduces the interest rate to approximately 15% annually. The principal was previously placed in escrow on January 25, 2021. Executive Chairman Jeremy Frommer expressed satisfaction with the resolution, thanking legal teams and the plaintiff for their cooperation.

Positive

• Successful settlement of a $799,000 dispute reduces future financial liabilities.
• Interest rate on the settlement reduced to 15% annually.

Negative

• None.

NEW YORK, March 4, 2022 /PRNewswire/ -- Creatd, Inc. (Nasdaq CM: CRTD) ("Creatd" or the "Company"), the parent company of Vocal, today announced that it has successfully settled an outstanding dispute from June 2020 for a total of $799,000, which includes $660,000 of note principal and $139,000 of accrued interest. This settlement reduces the total interest due on the original note to approximately 15% annually, including interest payments previously made by Creatd. The Company had originally placed the $660,000 principal balance into an escrow account on January 25, 2021.

Commented Creatd's Executive Chairman Jeremy Frommer, "I welcome the end of this chapter and would like to thank our attorneys and appreciate the plaintiff's approval of the use of capital at such a reasonable rate."

About Creatd

Creatd, Inc. (Nasdaq CM: CRTD) is a creator-first technology holding company and the parent company of the Vocal platform. Our mission is to empower creators, entrepreneurs, and brands through technology and partnership. We accomplish this through Creatd's four business pillars: Creatd Labs, Creatd Partners, Creatd Ventures, and Creatd Studios.

For news and updates, subscribe to Creatd's newsletter: https://creatd.com/newsletter

Investor Relations Contact: ir@creatd.com

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SOURCE Creatd, Inc.

FAQ

What is the total amount paid by Creatd for the settlement?

Creatd settled the dispute for a total of $799,000.

What date was the dispute originally filed?

The dispute was originally filed in June 2020.

What were the components of the settlement amount?

The settlement amount included $660,000 of principal and $139,000 of accrued interest.

When was the principal balance placed into escrow?

The principal balance of $660,000 was placed into escrow on January 25, 2021.

Who is the Executive Chairman of Creatd?

The Executive Chairman of Creatd is Jeremy Frommer.