Creatd, Inc. announces acquisition of TAMI Ventures to drive digital innovation
Creatd, Inc. (OTCQB:CRTD), a prominent innovator in digital technology and creator-centric platforms in the United States, is set to bolster its market presence through a strategic acquisition of TAMI Ventures Inc. This move underscores Creatd’s commitment to expanding its portfolio within the digital technology sphere, leveraging TAMI Ventures’ robust suite of proprietary technology platforms.
The heart of this strategic acquisition lies in the binding Letter of Intent (LOI) agreed upon by Creatd, Inc. and TAMI Ventures, showcasing a shared commitment towards a unified vision. The inclusion of a $500,000 breakup fee underlines the seriousness of this transaction, ensuring both parties remain committed to the deal’s successful conclusion. The acquisition, structured as an all-preferred shares transaction, values TAMI Ventures at an impressive $23 million. This arrangement is carefully designed to safeguard common shareholders from dilution, emphasizing Creatd’s strategic approach to growth and expansion.
TAMI Ventures’ extensive portfolio, encompassing social media, sports betting, fantasy sports, eSports, racing, virtuals, lotteries, casino slots, and table games, positions the combined entity to significantly impact the rapidly expanding sports betting market. With the American Gaming Association reporting a record $119.84 billion wagered in the United States in 2023, this acquisition strategically positions Creatd, Inc. to capitalize on the sector’s growth. Furthermore, the integration of Vocal, Creatd’s wholly owned social media technology platform, with TAMI Ventures’ offerings is anticipated to create substantial growth synergies.
Timothy Alford, Executive Chairman of TAMI Ventures, and Jeremy Frommer, CEO of Creatd, Inc., both expressed optimism about the acquisition’s potential to redefine the landscape of sports gaming and social media sectors. Alford pointed to the “monumental opportunity” for leveraging combined technologies and expertise, while Frommer emphasized the transaction’s role in diversifying Creatd’s portfolio and enhancing its balance sheet equity.
As Creatd, Inc., and TAMI Ventures navigate towards finalizing this acquisition, stakeholders eagerly anticipate the unveiling of further details, which will be disclosed in an upcoming Form 8-K filing with the U.S. Securities and Exchange Commission.