8-K
filed November 1, 2023, 7:59 PM ET
ticker CRTD
CIK 0001357671
other material
confidence high
sentiment negative
materiality 0.75
Creatd restructures $4.75M in debt, CFO resigns; CEO Frommer adds CFO role
Creatd, Inc.
- Extended maturity of $2.485M debentures and $2.267M extension debentures to Feb 28, 2024; conversion price reduced to $0.025.
- CFO Eric Pickens resigned Oct 16, 2023; CEO Jeremy Frommer appointed CFO, retaining CEO and Chairman roles.
- Settled $405,208 liability with former executive for $75K cash and 5.75M shares; rescinded confession of judgment.
- Sold Brave and Basis brands; transferred ~$215K liabilities, received 7.5% membership interest and 7.5% of inventory cash receipts.
- Board rescinded 21.4M restricted share allocation, eliminating $2.07M payroll tax liability.
Key facts
Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 0.95
Jeremy Frommer was appointed as Chief Financial Officer at Creatd, Inc..
- Action
- appointed
- Role
- Chief Financial Officer
Exact text from the filing
the Board appointed Mr. Jeremy Frommer as the Chief Financial Officer of the Company, effective October 16, 2023.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Eric Pickens resigned as Chief Financial Officer at Creatd, Inc..
- Action
- resigned
- Role
- Chief Financial Officer
Exact text from the filing
the Board determined it was in the best interest of the Company to accept Mr. Pickens' resignation and to continue his engagement with the Company as a finance and accounting consultant.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Creatd, Inc. entered into Settlement Agreement with a former executive (effective 2023-10-11).
- Action
- entry
- Agreement
- settlement
- Counterparty
- a former executive
- Effective
- 2023-10-11
Exact text from the filing
On October 11, 2023, the Company entered into an agreement (the "Settlement Agreement") with a former executive (the "Executive") regarding a previously executed Executive Separation Agreement.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Creatd, Inc. entered into Assignment and Assumption Agreement with the Buyer (effective 2023-10-06).
- Action
- entry
- Agreement
- asset purchase
- Counterparty
- the Buyer
- Effective
- 2023-10-06
Exact text from the filing
On October 6, 2023, the Company entered into an agreement (the "Assignment and Assumption Agreement") with an entity (the "Buyer") to acquire the assets and assume the liabilities of the brands known as Brave and Basis, DBAs of the Company's wholly-owned subsidiary Creatd Ventures LLC.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Creatd, Inc. entered into Restructuring Agreement with the Holder (effective 2023-10-06).
- Action
- entry
- Counterparty
- the Holder
- Effective
- 2023-10-06
Exact text from the filing
On October 6, 2023, the Company entered into an agreement with the holder (the "Holder") of certain of the Company's previously issued securities (the "Restructuring Agreement").
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Creatd, Inc. entered into Extension Agreements with the holders of certain of the Company's previously issued securities (effective 2023-10-10).
- Action
- entry
- Counterparty
- the holders of certain of the Company's previously issued securities
- Effective
- 2023-10-10
Exact text from the filing
Between October 10, 2023 and October 13, 2023, the Company entered into agreements with the holders (the "Extension Note Holders") of certain of the Company's previously issued securities (the "Extension Agreements").
View on SEC.gov
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