Overstock’s blockchain subsidiary tZero has finally secured a $5 million investment from Chinese investment firm GSR Capital, Overstock announced on its latest earnings conference call on May 9.
Following an investment in cash and marketable securities, Overstock evaluated tZero’s worth at $1 billion, which is $500 million less than the company initially projected in August 2018.
The new funds represent around 2% of the originally projected investment of $404 million from GSR Capital and Singaporean private equity firm Makara Capital. The initial sum included $270 million for up to 18% of tZero’s equity, $30 million in tZero security tokens from the parent company Overstock, and up to $104.55 million in shares of Overstock common stock.
According to the latest data, Overstock has annulled the $30 million tZero token purchase agreement, but that GSR and Makara are still considering additional investment. Overstock CEO Patrick Byrne wrote in the latest quarterly report:
“We have accepted a $5 million investment from GSR at a $1 billion valuation, and released them from all previous binding contracts. We are still working with Makara and feel optimistic (but not certain) that something can be consummated with them (and GSR may join in again at that point).”
In March, Byrne revealed that GSR and Makara reduced their investment amount to $100 million, following a Memorandum of Understanding signed in April. The reduction followed a prolonged period of no deal between the parties. Subsequently, Byrne claimed that tZero missed its mid-April goal for a $100 million raise.
Earlier this week, United States-based blockchain and software firm Orchid Labs secured another $7 million within its latest private offering, having totally secured $43 million out of targeted funding of around $125 million.
Author: Cointelegraph By Helen Partz
Source link
Hello there! I simply want to give you a big thumbs up for the excellent info you have got here on this post.
I’ll be coming back to your site for more soon.
Hello my family member! I wish to say that this post is awesome,
great written and come with almost all important
infos. I would like to look more posts like this .
If you are going for best contents like me, only visit this web site every day because it presents feature contents, thanks
… [Trackback]
[…] Find More here on that Topic: tradingbtc.com/2019/05/09/overstocks-blockchain-arm-receives-5-mln-from-chinese-firm-following-delays/ […]
… [Trackback]
[…] Info on that Topic: tradingbtc.com/2019/05/09/overstocks-blockchain-arm-receives-5-mln-from-chinese-firm-following-delays/ […]
… [Trackback]
[…] Find More on that Topic: tradingbtc.com/2019/05/09/overstocks-blockchain-arm-receives-5-mln-from-chinese-firm-following-delays/ […]
… [Trackback]
[…] Info to that Topic: tradingbtc.com/2019/05/09/overstocks-blockchain-arm-receives-5-mln-from-chinese-firm-following-delays/ […]
… [Trackback]
[…] Information to that Topic: tradingbtc.com/2019/05/09/overstocks-blockchain-arm-receives-5-mln-from-chinese-firm-following-delays/ […]
… [Trackback]
[…] Read More here on that Topic: tradingbtc.com/2019/05/09/overstocks-blockchain-arm-receives-5-mln-from-chinese-firm-following-delays/ […]
… [Trackback]
[…] Find More on to that Topic: tradingbtc.com/2019/05/09/overstocks-blockchain-arm-receives-5-mln-from-chinese-firm-following-delays/ […]
… [Trackback]
[…] There you will find 31304 additional Info on that Topic: tradingbtc.com/2019/05/09/overstocks-blockchain-arm-receives-5-mln-from-chinese-firm-following-delays/ […]
… [Trackback]
[…] Information to that Topic: tradingbtc.com/2019/05/09/overstocks-blockchain-arm-receives-5-mln-from-chinese-firm-following-delays/ […]
… [Trackback]
[…] Find More here on that Topic: tradingbtc.com/2019/05/09/overstocks-blockchain-arm-receives-5-mln-from-chinese-firm-following-delays/ […]
… [Trackback]
[…] There you will find 89405 more Info to that Topic: tradingbtc.com/2019/05/09/overstocks-blockchain-arm-receives-5-mln-from-chinese-firm-following-delays/ […]
… [Trackback]
[…] There you can find 1781 additional Information to that Topic: tradingbtc.com/2019/05/09/overstocks-blockchain-arm-receives-5-mln-from-chinese-firm-following-delays/ […]
… [Trackback]
[…] Read More to that Topic: tradingbtc.com/2019/05/09/overstocks-blockchain-arm-receives-5-mln-from-chinese-firm-following-delays/ […]
… [Trackback]
[…] Read More Information here to that Topic: tradingbtc.com/2019/05/09/overstocks-blockchain-arm-receives-5-mln-from-chinese-firm-following-delays/ […]
… [Trackback]
[…] There you can find 70670 additional Information to that Topic: tradingbtc.com/2019/05/09/overstocks-blockchain-arm-receives-5-mln-from-chinese-firm-following-delays/ […]