What Happened? Creatd Inc CRTD reset its previously reported record date for its rights offering from July 29 to August 4.
Founder and Executive Chair Jeremy Frommer told Benzinga, "I've been closely following the precarious nature of the microcap space for a long time and am well aware of the various opportunities for abuse inherent in the system. No amount of capital spent can suffice to generate value for our shareholders if regulators do not vigorously enforce rules like Reg SHO and curb abuses that may exist within the market."
Why Does It Matter? Frommer said, "Today's extension allows us the few extra days needed to discover the extent, if any, to which shorts have not established proper "locate" and "close-out" positions. In my opinion, the microcap space as a whole has been subject to questionable behavior in regards to the financing space, and in particular, excessive short-selling that does not align with available data on questionable financial websites claiming to represent outstanding short interest. Today's extension will help us focus on why microcap stocks behave so differently than the broader market when it comes to trading from the short side."
Price Action: CRTD shares traded higher by 9.41% at $0.93 in the premarket on the last check Tuesday.
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