Overstock.com releases statement on tZERO equity transactions with GSR, Makara
Overstock.com has released the following statement from company CEO and founder and tZERO executive chairman Patrick Byrne on the progress of the previously-announced equity investment from GSR Capital and Makara Capital: "I write to update you on tZERO's negotiations with Makara and GSR Capital on the previously-announced equity investment in tZERO. Makara's due diligence has progressed, and in the course of its due diligence Makara has proven to be a professional and serious fund. Still, the parties will not have a definitive deal in place by the mid-April target. tZERO plans to continue facilitating Makara's diligence, but is not under any exclusivity with Makara or GSR and has retained advisors to pursue parallel alternatives. We will update shareholders after tZERO signs definitive documents. I remind shareholders of the $30 million binding tZERO security token purchase agreement between Overstock and GSR, explained in detail in our Q2 2018 10-Q filing. Under that agreement, GSR has a binding $30 million funding obligation for May 6. Overstock's annual shareholder meeting will occur on May 9: I look forward to reporting to shareholders about the completion of GSR's token purchase on that date. Our retail firm is recovering more dramatically than I anticipated and discussed during our Q4 2018 earnings call. In addition, tZERO is on track to introduce the products described in that phone call. Our intense focus on execution is paying off."