Overstock.com, Inc. has announced that it has entered into an agreement with Georgeson Inc. to act as information agent in Overstock’s upcoming public offering of digital securities. Georgeson is a provider of shareholder intelligence, communications and proxy services. Overstock.com CEO Patrick M. Byrne made the announcement during a keynote address at Money 20/20 Europe, after outlining the benefits of securities settlement on a distributed ledger. Overstock’s offering will trade it’s FinTech subsidiary t0’s alternative trading platform.
Byrne stated: “Another piece of the puzzle has fallen into place in our effort to revolutionize the financial world. With Georgeson involved in this first-ever public offering of blockchain securities, participating shareholders will be able to utilize the excellent information agent services provided by Georgeson in the context of rights and public securities offerings.”
Paul Conn, president of the Global Capital Markets Group at Georgeson’s parent company Computershare Limited, said: “We’re delighted to be working with Overstock.com and with t0 on this ground-breaking transaction.”
Overstock.com issued a private security using blockchain technology in June of 2015. In December of 2015, the SEC declared parent company Overstock.com’s S-3 filing effective, giving Overstock.com the ability to issue digital shares in a public offering on a distributed ledger, such as the platform developed by t0. These securities will be offered by Overstock pursuant to a shelf registration statement on Form S-3, as amended, previously filed with and declared effective by the United States Securities and Exchange Commission (SEC). A prospectus supplement related to the offering will be filed with the SEC.