Overstock.com Reports Progress of tZERO Equity Transaction with GSR and Makara
April 18 2019 - 9:00AM
Overstock.com, Inc. (NASDAQ:OSTK) has released the following
statement from company CEO and founder and tZERO Executive Chairman
Patrick M. Byrne on the progress of the previously-announced equity
investment from GSR Capital and Makara Capital:
Dear Owners,
I write to update you on tZERO’s negotiations with Makara and
GSR Capital on the previously-announced equity investment in
tZERO.
Makara’s due diligence has progressed, and in the course of its
due diligence Makara has proven to be a professional and serious
fund. Still, the parties will not have a definitive deal in place
by the mid-April target.
tZERO plans to continue facilitating Makara’s diligence, but is
not under any exclusivity with Makara or GSR and has retained
advisors to pursue parallel alternatives. We will update
shareholders after tZERO signs definitive documents.
I remind shareholders of the $30 million binding tZERO security
token purchase agreement between Overstock and GSR, explained in
detail in our Q2 2018 10-Q filing. Under that agreement, GSR has a
binding $30 million funding obligation for May 6. Overstock’s
annual shareholder meeting will occur on May 9: I look forward to
reporting to shareholders about the completion of GSR’s token
purchase on that date.
Our retail firm is recovering more dramatically than I
anticipated and discussed during our Q4 2018 earnings call. In
addition, tZERO is on track to introduce the products described in
that phone call. Our intense focus on execution is paying off.
I look forward to discussing these and all Overstock matters in
our upcoming Q1 earnings call.
As always, your humble servant, Patrick M. Byrne
About Overstock.com
Overstock.com, Inc Common Shares (NASDAQ:OSTK) / Series A
Preferred (Medici Ventures’ tZERO platform: OSTKP) / Series B
Preferred (OTCQX:OSTBP) is an online retailer and technology
company based in Salt Lake City, Utah. Its leading e-commerce
website sells a broad range of new products at low prices,
including furniture, décor, rugs, bedding, home improvement, and
more. The online shopping site, which is visited by nearly 40
million customers a month, also features a marketplace providing
customers access to millions of products from third-party sellers.
Overstock was the first major retailer to accept cryptocurrency in
2014, and in the same year founded Medici Ventures, its
wholly-owned subsidiary developing and accelerating blockchain
technologies to democratize capital, eliminate middlemen, and
re-humanize commerce. Overstock regularly posts information about
the company and other related matters on the Newsroom and Investor
Relations pages on its website, Overstock.com.
O, Overstock.com, O.com, Club O, Main Street
Revolution, and Worldstock are registered trademarks of
Overstock.com, Inc. O.biz and Space Shift are also
trademarks of Overstock.com, Inc. Other service marks, trademarks
and trade names which may be referred to herein are the
property of their respective owners.
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Such
forward-looking statements include all statements other than
statements of historical fact. Additional information regarding
factors that could materially affect results and the accuracy of
the forward-looking statements contained herein may be found in the
Company's Form 10-Q for the quarter ended December 31, 2018, which
was filed with the SEC on March 18, 2019, and any subsequent
filings with the SEC.
SOURCE: Overstock.com, Inc.
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