The existing Series A-1 shares can at the moment be traded on the PRO Securities alternative trading system (ATS). The PRO Securities ATS is powered by technology owned and licensed to it by Overstock’s majority owned subsidiary tZERO.
tZERO focuses on the development and commercialization of financial technology and has pioneered the effort to bring greater efficiency and transparency to capital markets through the integration of blockchain technology.
Understanding Overstock Dividends
Approximately 40,000 holders hold somewhere around 37 million shares of Overstock. Which in turn means that at a 10:1 ratio of common stock to series A-1 shares – approximately 3.7 million digital shares will be disbursed. The record date for Dividend will be September 23, 2019, and distribution date for the Dividend will be November 15, 2019.
The Series A-1 was initially unveiled in June, as the second tradable digital asset available to accredited investors on the PRO Securities alternative trading system (ATS). The security is listed as OSTKO on this SEC-registered the platform. The company has also disclosed that the digital shares have not been registered under the Securities Act of 1933, and can be traded only through a Dinosaur Financial Group brokerage account.
Notably, the firm has also set up a dedicated customer service team to answer any shareholder queries regarding this dividend announcement, which can be reached by calling 1-833-895-1554 M-F between the hours of 8 AM (ET) and 4:30 PM (ET).
Overstock.com CEO Patrick M. Byrne said: “The bundle of legal rights represented by each of these new A-1 shares is similar to the bundle of legal rights embodied in shares of our common stock (OSTK) that trades on NASDAQ. Five years ago, we set out to create a parallel universe: a legal, blockchain-based capital market. We’ve succeeded.”