E-commerce giant Overstock’s blockchain stock sale is set to begin later this month.
Overstock announced today that Connecticut-based investment bank Source Capital Group, Inc. will serve as dealer-manager for its planned blockchain-based stock offering.
Now, the company has divulged new details. According to Overstock, the e-commerce company is planning to offer as many as 1 million shares. Each of those shares, the company said, will have preferential rights to a 1 percent cumulative annual cash dividend. The subscription period for the share offering is set to begin on 15th November.
Overstock further explained:
In statements, Byrne praised the team at Source Capital Group.
“The immediacy with which Source grasped the value of what we’re doing, from not only a business but from a historical point of view, made it clear that we’d found the right partner to take us through this offering,” he said.
Image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.