tZERO opens up security token TZROP to retail traders
Tue, 13 Aug 2019, 11:21 am UTC
Overstock.com’s blockchain subsidiary tZERO has announced that its preferred equity security tokens, TZROP, are now available to be resold to non-accredited investors.
TZROP provides investors with direct exposure to tZERO’s revenue growth via the firm’s quarterly dividend model. Dividends could be paid in U.S. dollars, Bitcoin, Ether or additional security tokens.
The company could distribute a quarterly dividend of 10% of its adjusted gross revenue to the security token holders. This, however, is subject to approval from the Board of Directors and in accordance with the terms of the tokens, Delaware law and accounting requirements.
According to a press release dated August 12, the tokens were issued in a private placement in August 2018 and have been traded by accredited investors since January 2019.
Investors with an account at Dinosaur Financial would now be able to trade their tZERO security tokens on the PRO Securities alternative trading system (ATS).
“Following the one-year anniversary of the close of our security token offering, non-accredited investors now have the ability to purchase and trade in our security tokens. Today marks another milestone as we further democratize access so all investors, regardless of net worth, can invest in the business opportunity of a blockchain-based capital market,” tZERO CEO Saum Noursalehi said.
Earlier this month, tZERO announced that it was awarded a patent by the U.S. Patent and Trademark Office for the Time Ordered Merkle Epoch (TOME) methodology – a technology that uses digital signatures to record and verify time-series data such as trades, executions and settlements.
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