GSR Capital to Invest in tZERO at $1.5 Billion Valuation
Overstock.com, Inc. (OSTK)
Last overstock.com, inc. earnings: 11/12 08:00 am
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Source: GlobeNewswire
Full investment up to $404 million upsized from prior LOI on 29 June 2018, consisting of; Up to $270 million in tZERO equity (at $1.5 billion post-money valuation)$30 million purchase of tZERO Security Tokens from Overstock.com Up to $104.55 million in shares of parent company Overstock.com common stock SALT LAKE CITY, Aug. 09, 2018 (GLOBE NEWSWIRE) -- Overstock.com, Inc. (NASDAQ:OSTK) and t0.com, Inc. (“tZERO”), announce that the companies have both signed term sheets with GSR Capital, a Hong Kong based private equity firm, to invest up to $374.55 million in exchange for common equity in blockchain subsidiary tZERO and common equity in Overstock.com. Overstock and GSR Capital have also entered into a purchase agreement pursuant to which GSR Capital will purchase $30 million in tZERO Security Tokens from Overstock. As part of the term sheet agreement, GSR Capital will purchase up to 3.1 million shares of OSTK common stock at a five percent discount to the closing shar
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