Overstock.com Releases Additional Information on GSR Capital Investment, Standby Equity Underwriting Agreement, and Capital o...
August 16 2018 - 8:30AM
Overstock.com, Inc. (NASDAQ:OSTK) has released the following
information in response to a number of shareholder questions
related to the company’s recently announced GSR Capital investment
term sheets and recent 8-K filing:
Overstock.com is working on exciting opportunities that will
disrupt a number of industries. Partnership with GSR Capital and
other strategic investors will provide Overstock the capital and
market access needed to create a global market for tokenized
securities.
The structure of the transactions includes consideration
consisting of tZERO security tokens, a minority interest in tZERO,
and an equity investment in Overstock common shares off the
company’s shelf. The term sheets also allow for other investors to
participate on the same terms as GSR Capital, and the company is
engaged with other potential partners who have expressed interest
in participating. Overstock looks forward to closing these
transactions in a timely manner, subject to customary closing
conditions.
Furthermore, Overstock is pleased with its plans to scale
globally with GSR Capital and expects its current capital to
adequately serve present operating needs for the retail business,
Medici Ventures, and tZERO over the coming year.
Finally, the company has not used the $50 million Standby Equity
Underwriting Agreement entered into on August 9, 2018 and intends
to let it expire unused. Overstock also intends to maintain
its Capital on Demand Sales agreement (ATM) referenced in the 8-K
filed on August 15, 2018 for up to three years.
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 hundreds of thousands 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 Medici Ventures:
Launched in 2014, Medici Ventures is a wholly owned subsidiary
of Overstock.com, Inc., created to leverage blockchain technology
to solve real-world problems with transparent, efficient and secure
solutions. Medici Ventures has a growing portfolio of
groundbreaking blockchain-focused investments, including tZERO,
Peernova, Bitt, SettleMint, Factom, and IdentityMind, Spera and
Symbiont. The company’s majority-owned financial technology
company, tZERO, executed the world’s first blockchain-based stock
offering in December 2016.
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.
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 June 30, 2018, which was
filed with the SEC on August 9, 2018, and any subsequent filings
with the SEC.
Media Contact:pr@overstock.com
Investor Contact:ir@overstock.com
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