íàçâàíèå

Overstock.com Moves Forward With Its Token Sale

Overstock.com Moves Forward With Its Token Sale

Overstock.com, the e-commerce leader that has embraced bitcoin and became the first company to solicit qualified institutional buyers in a digital corporate bond, has announced the subsequent sale period for its tZERO preferred equity tokens. The offering has been extended until 5 p.m. EDT on May 14, 2018.

Overstock.com has begun the subsequent sale period for its tokens after raising $100 million in its pre-sale from strategic purchasers at discounted prices. During the subsequent sale period, purchasers will claim rights to acquire tZERO security tokens, pursuant to Simple Agreements for Future Equity (SAFEs), at a fixed price of $10.00 per token, subject to discounts and other concessions.

Approximately 1,000 purchasers

As of March 1, 2018, tZERO has entered into executed SAFES with about 1,100 purchasers for around $114.6 million of tokens, of which $100.6 million has been funded by the purchasers.

tZERO first commenced its offering on Dec. 18, 2017. With the subsequent sale period, tZERO has issued an amended, private placement offering memorandum that supersedes all prior offering materials. Investors that have executed a SAFE on or prior to March 1, can cancel their SAFE and get a full refund of their investment.

The tZERO security token symbol is expected to be TZRO, while the token is expected to be ERC-20 or an equivalent compliant.

The offering’ size is $250 million with the option to upsize to $300 million, should there be sufficient demand.

U.S. investors must be accredited investors to be able to execute SAFEs and participate in the subsequent sale period.

Also read: Overstock.com launches offering of world’s first ‘cryptosecurity’

New Capital Markets Paradigm

“The opening of the subsequent sale period is another step toward establishing a new paradigm in the capital markets through innovative technology,” said Patrick M. Byrne, Overstock founder and CEO, in a prepared statement.

Startengine.com, a technology platform that allows tZERO to connect to prospective investors independently, and SaftLaunch will facilitate the subsequent sale period.

“As we transition to the subsequent sale period, we are one step closer to our financing goals, including the use of a portion of the proceeds of the offering toward leveraging our blockchain experience and expertise to develop a trading system capable of trading tokens that are determined to be securities under the U.S. securities laws,” said Joseph Cammarata, president of tZERO.

“tZERO is leading the way for security tokens, and we are proud to support them,” said Howard Marks, CEO of StartEngine.

Featured image from Shutterstock.

14.03.2018 / 18:59 68
Overstock Venture Arm Invests $3 Million in Blockchain Payments Startup Overstock Venture Arm Invests $3
Bitt, a Barbados-based blockchain payment startup, has announced a $3 million investment from Overstock's venture capital subsidiary, Medici
Crypto's Biggest ICOs Stay Silent on SEC Subpoenas Crypto's Biggest ICOs Stay Silent on
The silence is deafening. After rumors began to fly late last week that the SEC has been sending out subpoenas to initial coin offerings (ICOs), some
US Marshals to Sell $25 Million in Bitcoin at Auction US Marshals to Sell $25 Million in
The U.S. Marshals are set to auction off nearly $25 million worth of bitcoin later this month. The government agency announced Monday that it will
Overstock Sees Share Price Drop After Subsidiary Becomes Target Of SEC Probe Overstock Sees Share Price Drop After
Overstock has experienced a 10% share price drop after its subsidiary, tZERO, announced that they are a target of the SEC crypto probe.
SEC Wants to ‘Know Everything’ about $250 Million tZero ICO: Overstock CEO SEC Wants to ‘Know Everything’ about
The US Securities and Exchange Commission (SEC) wants to “know everything” about the $250 million tZero ICO. SEC Wants to ‘Know Everything’ about
Comments (0)
Add a comment
Comment on