Overstock.com, Inc. (NASDAQ:OSTK) announced that its rights offering of Blockchain Voting Series A Preferred Shares and Voting Series B Preferred Shares closed on Thursday, raising total gross proceeds of approximately $10.9 million.
To unlock the Asian market, register now to the iFX EXPO in Hong Kong.
“This offering is historic in that we have successfully issued public securities that exist only on a blockchain,” said Overstock CEO Patrick Byrne. “In doing so, we have demonstrated to the world that there is indeed a path toward applying blockchain technology to capital markets in a way that complies with regulatory requirements and is accessible and practical for both issuers and investors. In the process, we raised a meaningful amount of capital, which Overstock can use to continue fueling our growth.”
Staying Ahead: How Brokers Are Approaching 2020Go to article >>
Of the 695,898 shares sold, 126,565 (more than 18%) were Series A Blockchain shares. The blockchain shares will trade on a registered alternative trading system utilizing the t0 platform. t0 is 81% owned by Medici Ventures, which is a wholly owned subsidiary of Overstock.
The trading symbol for the Series A shares has been changed to OSTKP. The Series B shares will trade in the over-the-counter market and are expected to be quoted on the OTCQB operated by OTC Markets Group.
“An enormous amount of work went into this offering,” said Jonathan Johnson, chairman of Overstock’s board of directors and president of Medici Ventures. “We created new technologies and formed novel partnerships while shattering formidable barriers.”
Back in November Medici added SettleMint to its portfolio of investment companies. A Belgium-based fintech firm, SettleMint most recently released SettleMint Ballot Box, an application for recording voting on the bitcoin blockchain.