Overstock Reiterates Key Attributes of its Digital Voting Series A-1 Preferred Stock, OSTKO
June 04 2020 - 8:30AM
Overstock.com, Inc. (NASDAQ:OSTK) distributed a stockholder
dividend paid in shares of its Digital Voting Series A-1 Preferred
Stock, OSTKO, on May 19, 2020. Since that issuance, the company has
received numerous questions from investors regarding the Digital
Voting Series A-1 Preferred Stock and is reiterating its key
attributes in response to those questions, which have been
previously disclosed in stockholder materials in connection with
the dividend.
Shares of the Digital Voting Series A-1 Preferred
Stock:
- are preferred shares of Overstock.com, Inc.
- have equivalent voting rights to common shares of
Overstock.
- have an equivalent liquidation preference to common shares of
Overstock.
- have a preferential right to an annual cash dividend of $0.16
per share, when declared, which has been paid in each of the last
three years.
- are required to trade on the tZERO ATS, in accordance with the
stock’s Certificate of Designation as filed with the State of
Delaware and included in Overstock’s filings with the Securities
and Exchange Commission (SEC).
In order to trade the Series A-1 shares in
compliance with the Certificate of Designation, investors must open
or have a brokerage account with a tZERO ATS-subscribing
broker-dealer, or with a broker-dealer that maintains an account
with a tZERO ATS-subscribing broker-dealer.
Instructions for creating an account with a
subscribing broker dealer can be found on the company’s FAQ page.
Broker-dealers interested in subscribing to the tZERO ATS should
contact the Overstock investor relations team at
ir@overstock.com.
Investor NoticeInvestors should
note that trading digital securities could involve substantial
risks, including no guarantee of returns, costs associated with
selling and purchasing, no assurance of liquidity which could
impact the price and ability to sell, and possible loss of
principal invested. Further, an investment in single digital
security could mean lack of diversification and, consequently,
higher risk.
No Offer, Solicitation, Investment Advice
or RecommendationsThis release is for informational
purposes only and does not constitute an offer to sell, a
solicitation to buy, or a recommendation for any security, nor does
it constitute an offer to provide investment advisory or other
services by Overstock or any of its affiliates, subsidiaries,
officers, directors or employees. No reference to any specific
security constitutes a recommendation to buy, sell or hold that
security or any other security. Nothing in this release shall be
considered a solicitation or offer to buy or sell any security,
future, option or other financial instrument or to offer or provide
any investment advice or service to any person in any jurisdiction.
Nothing contained in this release constitutes investment advice or
offers any opinion with respect to the suitability of any security,
and the views expressed in this release should not be taken as
advice to buy, sell or hold any security. In preparing the
information contained in this release, we have not taken into
account the investment needs, objectives, and financial
circumstances of any particular investor. This information has no
regard to the specific investment objectives, financial situation,
and particular needs of any specific recipient of this information
and investments discussed may not be suitable for all investors.
Any views expressed in this release by us were prepared based upon
the information available to us at the time such views were
written. Changed or additional information could cause such views
to change. All information is subject to possible corrections.
Information may quickly become unreliable for various reasons,
including changes in market conditions or economic
circumstances.
About OverstockOverstock.com,
Inc Common Shares (NASDAQ:OSTK) / Digital Voting Series A-1
Preferred Stock (Medici Ventures’ tZERO platform:OSTKO) / 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 home products at low prices,
including furniture, décor, rugs, bedding, home improvement, and
more. The online shopping site, which is visited by tens of
millions of 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 dedicated to the development
and acceleration of 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. 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, including but not limited to
statements regarding future dividend payments on the Company’s
preferred shares and other statements regarding the Digital Voting
Series A-1 Preferred Stock. 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 Annual Report on Form 10-K for the fiscal year
ended December 31, 2019, which was filed with
the SEC on March 13, 2020, the Company’s Quarterly
Report on Form 10-Q for the quarter ended March 31, 2020, which was
filed with the SEC on May 7, 2020, and any subsequent filings with
the SEC. SOURCE: Overstock.com, Inc.
About tZEROtZERO Group, 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. For moreinformation on tZERO,
please visit: https://www.tzero.com/.
tZERO is not a registered broker-dealer, funding
portal, underwriter, investment bank, investment adviser or
investment manager, and is not providing brokerage, investment
banking or underwriting services, recommendations or investment
advice to any person, and does not provide any brokerage services.
tZERO takes no part in the negotiation or execution of secondary
market transactions for the purchase or sale of securities and at
no time has possession of investor funds or securities in
connection with such transactions.
About tZERO ATStZERO ATS, LLC is a
broker-dealer registered with the SEC and a member of FINRA and
SIPC. More information about tZERO ATS may be found at
www.finra.org. Digital securities that trade on tZERO ATS are
conventional uncertificated securities, with traditional books and
records kept by a traditional SEC-regulated transfer agent. The
term “digital” refers to the blockchain technology elements of a
security that are intended to enhance investor experience through
added transparency.
Contacts Investor Relations:Alexis
Callahan801-947-5126ir@overstock.com |
Media:Overstock Media Relations801-947-3564pr@overstock.com |
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