Clubhouse Media Group, Inc. CEO Converts Approximately $1.8M of Personal Debt into Common Stock

Clubhouse Media Group, Inc., an influencer-based social media firm and digital talent management agency, announced that CEO Amir Ben-Yohanan has further reduced CMGR’s debt by converting $1,808,167 of related party debt personally owed to him, in exchange for 4,520,417,475 shares of common stock at $0.0004 per share on November 17, 2022.

Also Read: Storytel Group appoints Kristin Widell as Chief People Officer

“I strongly believe in CMGR’s upside potential and I’m committed to supporting its growth in every way I can,” said Amir Ben-Yohanan, CEO of CMGR. “This debt exchange assists in reducing the debt on our balance sheet, and I believe gets us one step closer to our long-term goal of eliminating CMGR’s debt and hopefully uplisting to a national securities exchange such as the Nasdaq Capital Market.”

There can be no assurance that CMGR will apply to list its common stock on a national securities exchange, or that if CMGR applies to list its common stock that its application will be approved.

We believe that CMGR represents the future of influencer media and marketing, with a global network of professionally run content houses, each with its brand, influencer cohort, and production capabilities. Collectively, CMGR reaches more than 400 million followers. CMGR offers management, production, and deal-making services to its handpicked influencers, a management division for individual influencer clients, and an investment arm for joint ventures and acquisitions for companies in the social media influencer space.

SOURCE: PR Newswire