Saturday, March 9, 2024
Creatd, Inc. (OTCQB:CRTD), a prominent leader in the digital technology space and a developer of platforms for creators in the United States, is thrilled to unveil its ambitious plan for the acquisition of TAMI Ventures Inc.
The companies have formalized their intent to merge by signing a definitive Letter of Intent (LOI), showcasing their commitment to this significant merger. To underscore the seriousness of their intentions, they have agreed on a breakup fee of $500,000, which will be charged to whichever party opts out of the deal under specific circumstances.
In this preferred shares transaction, Creatd will acquire TAMI Ventures, turning it into a fully owned subsidiary. TAMI Ventures’ shareholders will receive 2-year restricted preferred shares valued at an overall $23 million, with the share price to be fixed before the transaction concludes. This strategy ensures that the dilution of common shares is avoided.
TAMI Ventures is notable for its vast collection of proprietary technology platforms, ranging from social media to various forms of online gaming and betting, including sports betting, fantasy sports, eSports, racing simulations, virtual games, lottery contests, slot machines, and traditional table games.
After the merger, the enlarged entity will aim its sights on the booming sports betting industry, leveraging the significant growth demonstrated by a record $119.84 billion placed in bets in the United States in 2023, as reported by the American Gaming Association. The integration into the sports betting market, combined with the ongoing growth of Vocal, Creatd’s wholly owned social media technology platform, is expected to generate substantial growth synergies. Creatd plans to introduce a groundbreaking gaming social media platform, fostering a community for digital influencers and content creators, in collaboration with Vocal.
Timothy Alford, Executive Chairman of TAMI Ventures, highlighted the transaction’s strategic benefits, stating, “This represents a monumental opportunity for both TAMI Ventures and Creatd to leverage our combined technologies and expertise to capture significant market share in the sports gaming and social media sectors. As a publicly traded entity, we look forward to providing enhanced liquidity, increased brand visibility, and the realization of our collective technological advancements to our shareholders.”
Jeremy Frommer, CEO of Creatd, Inc., expressed enthusiasm for the transaction, remarking, “Joining forces with TAMI Ventures and its talented team is a pivotal step in our journey to build a diversified portfolio of leading-edge tech and media assets. This transaction lays the groundwork for significant growth. Equally important, it substantially increases our net equity on the balance sheet, improving our uplist prospects to a national exchange.”
Further transaction details will be shared in a forthcoming Form 8-K filing with the U.S. Securities and Exchange Commission and will be available on the investor relations page of Creatd’s website after the final agreements are signed and the transaction is completed.
Saturday, March 9, 2024
Friday, March 8, 2024
