Overstock’s tZero Wraps Up Months-Long Token Sale

Nikhilesh De
Aug 6, 2018 at 22:18 UTC
news

Overstock.com’s token platform subsidiary tZero is officially ending its security token offering (STO) on Monday night.

TZero announced that its STO would end at 11:59 p.m. Eastern Daylight Time, or 03:59 UTC. Further, the platform said “there will not be further extensions,” according to statements.

The statement added that “investors with fully executed Simple Agreements of Future Equity (SAFEs) have until 5 PM (EDT) Wednesday, August 8 to remit funds to tZero. The company plans to report on the results of the STO this coming Thursday, August 9, 2018, during Overstock’s earnings call.”

It was not immediately clear how much tZero raised during the round. A spokesperson for tZero declined to provide additional details when reached, telling CoinDesk “results will be announced during Overstock’s earnings call on Thursday.”

The STO was originally announced as a more traditional initial coin offering (ICO) late last year, almost immediately seeing some 2,000 investors and $100 million committed to the platform, according to Overstock.com founder Patrick Byrne.

The startup later claimed that it raised $100 million as part of its token presale, which ended in March and preceded the rest of the STO, as previously reported by CoinDesk.

Overall, the firm had planned to raise as much as $250 million through the sale.

Abacus image via Shutterstock