Overstock.com, Inc. (NASDAQ:OSTK) announces that it has
successfully completed the issuance of its Digital Voting Series
A-1 Preferred Stock (“Series A-1”) (OSTKO) digital dividend on May
19, 2020, as expected.
The dividend was issued in Series A-1 shares on a 1:10 basis to
all Overstock shareholders as of the record date of April 27, 2020.
Overstock distributed the dividend shares though its transfer
agent, Computershare, to investors’ brokerage or other custodial
accounts in which they hold their Overstock securities, and no
action by shareholders was necessary for them to receive the
dividend.
“I’m pleased we have paid this innovative dividend to our
shareholders,” said Overstock CEO Jonathan Johnson. “These
preferred shares have real value, and have been paid a cash
dividend in each of the last three years. We believe they will
increase participation and long-term liquidity on the tZERO ATS
platform. I appreciate the support and cooperation of the
investment community and regulators in our efforts to innovate in
the capital markets through new technology.”
Investors can freely trade the Series A-1 shares on the tZERO
ATS by opening a brokerage account with a broker-dealer that
subscribes to the tZERO ATS and executes trades in the Series A-1
shares. Investors can open an account by following the instructions
published on our Dividend FAQ page on our website. The tZERO ATS
team continues to work diligently to onboard additional
broker-dealers to have them subscribe directly to the tZERO ATS to
trade the Series A-1 shares.
“The Certificate of Designation for the Series A-1 limits
trading of the security to the tZERO ATS,” continued Johnson. “All
interested financial institutions should comply with those
provisions. We invite these financial institutions to subscribe to
the tZERO ATS or open an account with an existing broker-dealer
subscriber.”
The company continues to provide detailed information on the
dividend, including answers to frequently asked questions (FAQs),
on its website. For questions regarding account setup go to our
Dividend FAQ page on our website. For questions regarding the tZERO
ATS, contact info@tzeroats.com. For all other questions, please
contact the Overstock Investor Relations team at
ir@overstock.com.
Investor NoticeThis press release does not
constitute an offer to sell or a solicitation of an offer to buy
the Digital Voting Series A-1 Preferred Stock (the “Series A-1”),
by Overstock and its subsidiaries and affiliates and no offer,
solicitation or sale of the Series A-1 shall be made in any state
or jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction. This press
release is being issued pursuant to and in accordance with Rule 134
under the Securities Act of 1933, as amended. Offers, solicitations
and sales of the Series A-1 will be made only by means of a
prospectus supplement and the accompanying prospectus, forming a
part of an effective registration statement.
Investors should note that trading the Series A-1 shares 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.
No Offer, Solicitation, Investment Advice or
Recommendations This press 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, or by Dinosaur. No reference to
any specific security constitutes a recommendation to buy, sell or
hold that security or any other security. Nothing in this press
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 press release
constitutes investment advice or offers any opinion with respect to
the suitability of any security, and the views expressed in this
press release should not be taken as advice to buy, sell or hold
any security. In preparing the information contained in this press
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
press 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 correction. 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 belief as to the impact of the dividend of Series A-1
Preferred Stock, on the tZERO ATS platform. 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-K for the year ended December
31, 2019, which was filed with the SEC on March 13,
2020, in the Company’s 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.
About tZEROtZERO Group, Inc. (“tZERO”) is
an indirectly-held 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 more
information 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 ATS, LLCtZERO ATS,
LLC is an indirectly-held majority-owned subsidiary
of Overstock.com, broker-dealer registered with
the SEC and a member of FINRA and SIPC.
More information about tZERO ATS, LLC may be found
at www.finra.org.
SOURCE: Overstock.com, Inc.
Contacts Investor Relations:Alexis
Callahan801-947-5126ir@overstock.com |
Media:Overstock Media
Relations801-947-3564pr@overstock.com |
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