HomeUSACREATD To Buy Tami Ventures, for $23M

CREATD To Buy Tami Ventures, for $23M

Creatd, Inc. (OTCQB:CRTD), a NYC-based innovator in digital technology and creator-centric platforms based in the United States, is to acquire Tami Ventures Inc., a portfolio company specializing in technology, advertising, media, and information sectors. 

The two companies have entered into a binding Letter of Intent (LOI) to solidify their commitment to the transaction. To further demonstrate their commitment and the seriousness of this transaction, a breakup fee of $500,000 has been agreed upon. This fee will be payable by either party should they decide to withdraw from the agreement under certain conditions.

Under the proposed all-prefered shares transaction, Creatd will welcome TAMI Ventures as a wholly owned subsidiary, issuing 2 year restricted preferred shares to TAMI Ventures shareholders at an aggregate valuation of $23m, at a price per share to be determined prior to the close of the transaction. This way, common shareholders are protected from dilution.

Tami Ventures owns a portfolio of in-house developed, proprietary technology platforms, including social media, sports betting, fantasy sports, eSports, racing, virtuals, lotteries, casino slots, and table games.

Post-transaction, the combined entity will target the sports betting market, capitalizing on the sector’s significant growth, as evidenced by a record $119.84 billion wagered in the United States in 2023, according to the American Gaming Association. This new expansion into the sports betting market, in conjunction with a continued expansion of Vocal, a 100% owned social media technology platform subsidiary of Creatd, Inc., will enable growth synergies of the businesses. Leveraging the coexisting businesses above, Creatd will then launch an innovative gaming social media platform, designed to empower digital influencers and content creators powered by a partnership with Vocal.