United States retail giant Overstock announced a dividend payable in shares of its Digital Voting Series A-1 Preferred Stock.
A-1 shares can be traded on Pro Securities ATS
The Overstock’s digital dividend will be payable at a ratio of 1:10, which means that one share of Series A-1 will be issued for every ten shares of common stock, according to a press release shared with Cointelegraph on July 30.
According to the announcement, the existing Series A-1 shares can now be traded on the Pro Securities alternative trading system (ATS), powered by technology owned by Overstock’s crypto subsidiary tZERO.
Investors can trade on the ATS only through a brokerage account established with Dinosaur Financial Group, with clearing and custody provided by Electronic Transaction Clearing, a registered broker-dealer, and Computershare as transfer agent, the report notes.
Record and distribution dates for the dividend are scheduled for fall 2019
Furthermore, The Pro Securities ATS is the same platform on which tZERO’s security tokens began to be resold among accredited investors earlier this year. The record date for the dividend will be Sept. 23, 2019, while the distribution date for the dividend is scheduled for Nov. 15, 2019, Overstock said in the announcement.
CEO Patrick Byrne said that the company has succeeded in its goal to create a “parallel universe” with a legal blockchain-based capital market.