Overstock.com’s blockchain tech subsidiary tØ (tZERO) today announced start of the subsequent sale period for its preferred equity tokens after raising $100 million in its pre-sale period from strategic purchasers at discounted prices.

During the main token sale period, rights to acquire tZERO tokens will be sold pursuant to Simple Agreements for Future Equity (SAFEs) at a fixed price of $10.00 per tZERO Security Token, subject to discounts and other concessions. U.S. investors will only be permitted to execute SAFEs and participate if they are accredited investors.

The next sale period will be facilitated by SaftLaunch, as well as StartEngine.com, a technology platform that permits tZERO to independently connect with prospective investors.

Howard Marks, CEO of StartEngine, said, “StartEngine is a leading platform built to help companies like tZERO launch regulated ICOs in the United States and Internationally. tZERO is leading the way for Security Tokens, and we are proud to support them.”

As of March 1st, 2018, tZERO has entered into executed SAFEs with approximately 1,100 purchasers for approximately $114.6 million USD worth of tokens, of which $100.6 million has been funded by the respective purchasers.

Overstock CEO and founder Patrick M. Byrne said, “I thank our early, strategic investors for sharing our vision to issue a preferred equity security token. Raising $100 million is no small task, and our team has worked tirelessly to conduct this offering in accordance with exemptions under the US securities laws. The opening of the Subsequent Sale Period is another step toward establishing a new paradigm in the capital markets through innovative technology. I welcome all of our new investors.”

tZERO initially commenced its offering on December 18, 2017. In connection with the commencement the next phase of token generation, tZERO has issued an amended, supplemented and restated private placement offering memorandum which supersedes all prior offering materials that investors have previously received. Investors that have executed a SAFE on or prior to March 1, 2018, may rescind their SAFE and receive a full refund of their investment, as described in the memorandum, through 5 pm EDT on March 8, 2018.

The symbol for the tZERO token, upon its inception, is expected to be TZRO and the token is to be ERC-20 or equivalent compliant. The size of the offering of the tZERO coin sale is $250 million with the option to upsize to $300 million in the event that there is sufficient market demand. The tZERO token will be a series of preferred equity of tZERO, with such terms, including with respect to the payment of dividends.

In November 2017, tZERO announced it would lead a new project intended to build out a platform to be in compliance under United States regulation for the trading of security tokens generated from ICOs.

Do note that participation in the offering and investments in tZERO are valid if made only through www.startengine.com and www.saftlaunch.com and no other channel.