BOCA RATON, Fla., March 16, 2016 (GLOBE NEWSWIRE) -- Overstock.com, Inc. (NASDAQ:OSTK) today announced at the 41st Annual International Futures Industry Conference its plan to complete the world’s first public offering using proprietary blockchain technology. The offering will allow Overstock.com shareholders to purchase Overstock.com blockchain or traditional preferred stock. The blockchain preferred stock will trade and settle exclusively through the t0.com platform and its alternative trading system (ATS).
t0.com is Overstock.com’s financial technology subsidiary and the leader in developing and deploying blockchain-based financial products to increase efficiency and transparency in capital markets.
"This is yet another historic event -- the creation of a security that will trade and settle entirely on a distributed ledger,” said Patrick M. Byrne, CEO of t0.com. “I’ve said from the beginning that blockchain technology is going to change the world of finance forever, and we’re leading that charge.”
The offering, issued pursuant to an SEC-effective registration statement, is contemplated to be limited to Overstock.com shareholders of record as of a date to be determined, and will be of up to an aggregate of 1,000,000 shares of blockchain and traditional Series A preferred stock.
Overstock.com issued the world’s first private blockchain cryptobond in June 2015, and now plans to issue the world’s first public blockchain security on the t0.com platform.
Since its initial public offering, Overstock.com has relied on Computershare for transfer agent services; Computershare will extend its global registry and transfer agent services to Overstock.com for this offering.
t0 (pronounced tee-zero) 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 in October of 2014, t0.com has pioneered the effort to bring greater efficiency and transparency to capital markets through the integration of blockchain technology. More information is available at t0.com.
Overstock.com, Inc. (NASDAQ:OSTK) is an online retailer based in Salt Lake City, Utah that sells a broad range of products at low prices, including furniture, rugs, bedding, electronics, clothing, and jewelry. Additional stores within Overstock include Worldstock.com, dedicated to selling artisan-crafted products to help developing nations around the world, and Main Street Revolution, supporting small-scale entrepreneurs in the U.S. by providing them a national customer base. Other community-focused initiatives include Farmers Market and pet adoptions. Forbes ranked Overstock in its list of the Top 100 Most Trustworthy Companies in 2014. Overstock sells internationally under the name O.co. Overstock (http://www.overstock.com and http://www.o.co) regularly posts information about the company and other related matters under Investor Relations on its website.
O, Overstock.com, O.com, O.co, Club O, Main Street Revolution, Worldstock and OVillage are registered trademarks of Overstock.com, Inc., t0.com, O.biz and Space Shift, are also 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. 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, 2015, which was filed with the SEC on March 8, 2016, and any subsequent filings with the SEC.