Overstock announced an official "Rights Offering" on shares to be traded on the t0 platform. Stockholders will be given right to purchase shares of its preferred stock to be issued and traded exclusively on a registered alternative trading system using the t0 issuance and trading platform developed by Overstock’s majority-owned financial technology subsidiary t0 (tee-zero).
They are calling the share Blockchain Series A Preferred, which will trade exclusively on the platform.
“This is the culmination of over two years of true innovation and hard work,” said Overstock CEO Patrick M. Byrne. “Through this public issuance of blockchain-based securities the history of capital markets is entering a new era, the era of blockchain-based securities.”
ScheduleAccording to the announcement, the offerings schedule:
|Monday, November 7, 2016||Ownership Day; must own OSTK common stock by 4:00 PM ET to become a stockholder of record on the Record Date.|
|Tuesday, November 8, 2016||Shares trade Ex-Right|
|Thursday, November 10, 2016||Record Date|
|Monday, November 14, 2016||Announcement of Maximum Price|
|Tuesday, November 15, 2016||Subscription Period Begins|
|Tuesday, December 6, 2016||Subscription Period expires at 5:00 PM ET and Final Price is determined.|