Overstick makes an airdrop of 4.37 million tokens of shareholder value

Overstock has successfully distributed its „digital dividend“; it has issued „OSTKO“ value tokens to its shareholders on the basis of one digital token for every ten shares the company held on 19 May.

In total, 4.37 million OSTKO tokens were released to shareholders via the transfer agent Computershare according to the account balances as at 27 April.

Overstock claims that the airdrop was made to strengthen the liquidity in its value token exchange, tZERO (TZROP).

Overstock wants the lawsuit dismissed before the delivery of its value tokens
Overstock executes airdrop of value tokens
Series A-1 shares will be traded exclusively on the Overstock Alternative Trading System (ATS) tZERO.

Overstock’s CEO, Jonathan Johnson, expressed his pride in having issued the „innovative dividend“.

„These preferred shares have real value, and a cash dividend has been paid out in each of the last three years,“ he said. „We believe they will increase participation and

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in the TZERO ATS platform.

Tokenized real estate thrives, while stock tokens struggle

The distribution of „OSTKO“ became embroiled in controversy
Last week, Overstock was in court seeking the dismissal of a lawsuit filed over the dividend by the Master Fund of Mangrove Partners, a self-styled institutional investor that Overstock claims is „a well-known short seller.

The plaintiff accuses Overstock of devising the distribution of valuable tokens to punish short sellers and of hiding the impact that the airdrop would have on its share price. The plaintiffs seek damages for losses suffered as a result of the short sale.

The lawsuit also claims that the dividend was used to manipulate the markets, alleging that the announcement drove the price up and triggered a small rise that caused Overstock’s founder and former CEO, Patrick Byrne, to benefit from more than $90 million by unloading millions of shares in the midst of his abrupt exit from the company last year.

No injunction was requested for the launch of the digital dividend, and the case is still ongoing.