Overstock.com (OSTK) Shareholders Approve Series A-1 Preferred Stock Dividend

Overstock.com, Inc. (NASDAQ: OSTK) stockholders have voted to approve the proposed changes for the company to move forward with the issuance of its previously-announced Series A-1 Preferred Stock dividend on a 1:10 basis. The shares, which will be registered with the SEC, trade exclusively on the tZERO ATS under the symbol OSTKO.

“This is a big deal for Overstock and tZERO,” said Overstock CEO Jonathan Johnson. “I thank our stockholders for approving this historic dividend, which we believe will provide them real value. I expect it will increase investor interest and activity in the tZERO ATS trading environment and incentivize both issuers and broker-dealers to further utilize tZERO’s revolutionary blockchain-meets-capital-markets technology.”

Stockholder approval enabled changes to be made to the OSTKO certificates of designation so that shares can be held more broadly and transferred more easily. Stockholders approved proposals 1-3, which are those necessary to move forward with the dividend as planned. Stockholders did not approve proposals 4 and 5 which means that the company must seek stockholder approval in order to make any future changes to the total number of shares of preferred stock designated as Series A-1 Preferred Stock and Series B Preferred Stock.

Overstock is working with industry participants to finalize the record and distribution dates for the Series A-1 Preferred Stock dividend, expects to notify investors soon of those dates and expects to distribute the dividend no later than this April.

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