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.

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.

Reference: https://www.ccn.com/overstock-com-moves-forward-token-sale/

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