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Overstock.com, the e-commerce leader who adopted bitcoin and became the first company to solicit qualified institutional buyers in a Digital Corporate Bond, announced the subsequent sale period for its chips of 39; tZERO preferred shares. The offer was extended until 17:00. EDT 14th May 2018.

Overstock.com began the period of subsequent sale of its chips after raising $ 100 million in pre-sales with strategic buyers at discounted prices. During the subsequent sale period, the purchasers will claim rights to purchase tZERO security tokens, in accordance with the Simple Future Share Agreements (SAFE), at a fixed price of $ 10.00 per token, subject to discounts and other concessions.

About 1,000 buyers

On March 1, 2018, tZERO concluded SAFES executed with approximately 1,100 buyers for a total of approximately $ 114.6 million in chips, of which 100.6 million were financed by buyers.

tZERO began its offer on December 18, 2017. During the next sales period, tZERO issued a modified private placement offer that replaces all previous offers. Investors who have completed a SAFE contract by March 1st can cancel their SAFE and get a full refund of their investment.

The tZERO security token symbol should be TZRO, while the token should be ERC-20 compliant or equivalent.

The size of the offer is $ 250 million with the option of moving to $ 300 million if the demand is sufficient.

U.S. investors must be accredited investors to be able to execute SAFE and participate in the subsequent sale period.

Read also: Overstock.com launches the offer of the first & # 39; cryptosecurity & # 39; to the world

New paradigm of capital markets

“The opening of the subsequent sale period is another step towards establishing a new paradigm on the financial markets through innovative technology,” said Patrick Byrne, founder and CEO of Overstock, in a prepared statement.

Startengine.com, a technology platform that allows tZERO to connect independently to potential investors, and SaftLaunch will facilitate the subsequent sale period.

“As we move to the next sales period, we are getting closer to our financing goals, including the use of part of the supply product to leverage our experience and our blockchain expertise to develop a trading system tokens that are considered securities under US securities laws, “said Joseph Cammarata, president of tZERO

.

“tZERO paves the way for security chips, and we are proud to support them,” said Howard Marks, CEO of StartEngine.

Image from Shutterstock to photo

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