Overstock.com, Inc. (NASDAQ:OSTK) subsidiary tZERO, the global
leader in blockchain innovation for capital markets, announced
today that it has signed a letter of intent with GSR Capital for a
purchase of $160 million in tZERO Security Tokens at a price of
$10.00 per token, pursuant to the Simple Agreement for Future
Equity (SAFE).
To accommodate the investment from GSR, tZERO’s Security Token
Offering (STO) has been extended until August 6, 2018. In addition
to the investment from GSR, as of June 28, 2018, tZERO has entered
into executed SAFEs in excess of $168 million for Security Tokens,
of which over $95 million has been already funded. Holders of
unfunded SAFEs will be able to fund those SAFEs on a first-come,
first-serve basis until the STO is completed. Approximately 1,000
people from 30 countries participated in the token sale.
“I want to thank our strategic investors again for their
continued support, as well as the tZERO team for their ingenuity in
making a preferred equity security token possible,” said Patrick M.
Byrne, Overstock.com Founder and CEO, and Executive Chairman of
tZERO. “Years ago we saw the world-shaking potential of blockchain,
and since then we have been methodical in building tZERO into a
company that will bring great efficiency and transparency to
capital markets domestically and abroad. I truly believe what we
are doing is historic and, while there is still much to be done,
our success in this STO has given us the resources we need to see
it through.”
This announcement follows tZERO’s recently-announced joint
venture with BOX digital Markets to launch the industry’s first
regulated security token exchange, which will be funded by a
portion of the STO investments. Additional funds may be used to
increase tZERO’s personnel, and to allow for further international
expansion in the future.
tZERO CEO Saum Noursalehi said, “We are overwhelmed by the
support we have received from all of our investors, and thrilled to
have GSR on our team as we seek to launch the world’s first
security token exchange. This investment from GSR further validates
tZERO’s strategy to introduce blockchain to capital markets, and
this partnership will accelerate our global expansion efforts.”
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 based in Salt Lake
City, Utah that sells a broad range of products at low prices,
including furniture, décor, rugs, bedding, and home improvement. In
addition to home goods, Overstock.com offers a variety of products
including jewelry, electronics, apparel, and more, as well as a
marketplace providing customers access to millions of products from
third-party sellers. Additional stores include Pet Adoptions and
Worldstock.com dedicated to selling artisan-crafted products from
around the world. Forbes ranked Overstock in its list of the Top
100 Most Trustworthy Companies in 2014. Overstock regularly posts
information about the company and other related matters under
Investor Relations on its website, http://www.overstock.com.
About tZERO
t0.com, Inc. (“tZERO“) is a majority owned subsidiary of
Overstock.com, focusing on the development and commercialization of
financial technology (FinTech) based on cryptographically-secured,
decentralized ledgers – more commonly known as blockchain
technologies. Since its inception, tZERO has pioneered the effort
to bring greater efficiency and transparency to capital markets
through the integration of blockchain technology.
About GSR Capital
GSR was founded in 2004 by Sonny Wu and Richard Lim. Today, “GSR
Ventures”, “GSR United Capital” and “GSR Capital” are three
independent yet complementary teams set up by the partners in 2016
with the aim of sector leadership and going global with unique
investment strategies and resources. GSR Capital has offices in
Beijing, Hong Kong and the USA.
Forward-Looking Statements
This Press Release contains forward-looking statements,
including statements relating to tZERO’s business. Other statements
in this press release that include words such as “anticipate,”
“may,” “believe,” “could,” “should,” “estimate,” “expect,”
“intend,” “plan,” “predict,” “potential,” “forecasts,” “project,”
and other similar expressions, also are forward-looking statements.
Forward-looking statements are made based upon management’s current
expectations and beliefs concerning future developments and their
potential effects on tZERO. Such forward-looking statements are not
guarantees of future performance. Various factors could affect
tZERO’s actual results and could cause such results to differ
materially from estimates or expectations reflected in
forward-looking statements, including factors relating to legal and
regulatory developments, applications and/or interpretations of
existing legal and regulatory requirements, technological
developments and/or difficulties, general economic conditions,
conditions in the capital markets and cryptocurrency markets,
changes in investor confidence regarding tZERO’s ability to
successfully operate its business and develop a trading system for
security tokens, and other important factors. tZERO expressly
disclaims any obligation or undertaking to disseminate any updates
or revisions to any forward-looking statement contained herein to
reflect any change in its expectation with regard thereto or any
change in events, conditions, or circumstances on which any such
statement is based.This press release is neither an offer to sell,
nor a solicitation of an offer to buy, any securities, nor shall
there be any sale of any securities in any jurisdiction in which
such offer, solicitation or sale would be unlawful.
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 March 31, 2018, which was
filed with the SEC on May 8, 2018, and any subsequent filings with
the SEC.
SOURCE: Overstock.com, Inc.
Media Contact:pr@overstock.com
Investor Contact:ir@overstock.com
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