Form 1-U - Current Report Pursuant to Regulation A
September 08 2023 - 2:25PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 1-U
Current Report Pursuant to Regulation A
Date of Report (Date of earliest event reported): September 5, 2023
Otis Collection LLC
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(Exact name of issuer as specified in its charter)
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Delaware
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84-3316802
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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6 Harrison Street, 5th Floor, New York, NY 10013
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(Full mailing address of principal executive offices)
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201-479-4408
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(Issuer’s telephone number, including area code)
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Series Collection Drop 001, Series Collection Drop 002, Series Collection Drop 003, Series Collection Drop 004, Series Collection Drop 005, Series Collection Drop 006, Series Collection Drop 007, Series Collection Drop 008, Series Collection Drop 009, Series Collection Drop 010, Series Collection Drop 012, Series Collection Drop 013, Series Collection Drop 014, Series Collection Drop 018 |
(Title of each class of securities issued pursuant to Regulation A)
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Series Collection Drop 013 Underlying Asset Sale
On September 5, 2023, Series Collection Drop 013, a series of Otis Collection LLC, a Delaware series limited liability company (the “Company”), sold the asset of such series, an NFT by Larva Labs titled Meebit #12536, for $2,375 net of fees versus the Series Collection Drop 013 offering amount of $38,100. In connection with the sale, Otis Wealth, Inc. (the “Manager”) will assume any remaining outstanding but unpaid Series Collection Drop 013 acquisition and offering expenses. This will result in a net loss to holders of interests in Series Collection Drop 013.
The Manager, as the manager of Series Collection Drop 013, has been appointed as liquidator and will distribute to holders of interests in Series Collection Drop 013 all of the remaining assets (which consist only of cash) of Series Collection Drop 013, after making provision for liabilities of Series Collection Drop 013, if any. After making such distribution, the Manager intends to begin winding up Series Collection Drop 013 as the series will no longer have any assets or liabilities. For the avoidance of doubt, the liquidator has not withheld any distribution for taxes related to the gain on the sale for individual holders of interests in Series Collection Drop 013.
SIGNATURES
Pursuant to the requirements of Regulation A, the issuer has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: September 8, 2023
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OTIS COLLECTION LLC
By: Otis Wealth, Inc., its managing member
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/s/ Keith Marshall
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Name: Keith Marshall
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Title: President, Secretary, Treasurer & Sole Director
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Otis Collection LLC Memb... (GM) (USOTC:OTSLS)
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