Creatd To Increase Ownership in Dune and WHE in All-Stock Transactions Priced Above Market
NEW YORK, Aug. 18, 2022
- Company signs MOUs for all-stock deals to increase ownership stake in Dune, Inc., and WHE Agency, Inc., respectively
- The intended above-market transactions would work to strengthen the Company's balance sheet as well as help ready the Company for any potential asset spin-offs.
NEW YORK, Aug. 18, 2022 /PRNewswire/ -- Creatd, Inc. (Nasdaq CM: CRTD) ("Creatd" or the "Company"), a creator-first holding company, today revealed its plans to purchase additional shares in two of its subsidiary companies, Dune, Inc. ("Dune") and WHE Agency, Inc. ("WHE"). Following the close of the proposed transactions, the Company's ownership stake in Dune would increase to 70%, and its ownership stake in WHE would increase to 61%, thereby improving the Company's balance sheet, while at the same time helping to ready the Company to explore a variety of future financing opportunities, including the potential spin-off of certain Creatd assets.
Under the terms of the Memorandum of Understanding (MOU) signed with Dune, Creatd will purchase an additional 20% ownership stake in exchange for approximately $360,000 in Creatd common stock at a price of $1.32 per share, or approximately 270,000 shares. Under the terms of the MOU signed with WHE, the Company will purchase an additional 17% ownership stake in exchange for approximately the same purchase price.
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.
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SOURCE Creatd, Inc.