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Blockchain startup tZERO to announce results of Security Token Offering on August 9

Tue, 07 Aug 2018, 05:38 am UTC

American online retail giant Overstock.com's blockchain subsidiary tZERO has closed its Security Token Offering (STO) on August 6, 2018.

tZERO commenced the token sale late last year, seeking to raise $250 million. It has now closed the STO saying that “There will not be further extensions.”

In June 2018, tZERO signed a letter of intent with GSR Capital for a purchase of $160 million in tZERO Security Tokens. To accommodate the investment, it had extended the STO until August 6, 2018.

In an official announcement, the company said:

“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.”

Previously, tZERO had announced that a portion of the STO investments would be used to fund its joint venture with BOX digital Markets aimed at launching a regulated security token exchange. The company may also use the funds to increase personnel and to drive further international expansion in the future.

[Correction: The article has been edited to mention that Overstock.com is an American online retail giant, not Chinese as stated previously]

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