The move reflects the outcome of a May 12 shareholders vote approving the conversion and 'simplifies' the firm's equity capital structure.
Online retailer Overstock has converted its Digital Voting Series A-1 Preferred Stock, a security token, and its Voting Series B Preferred Stock into shares of the company's common stock.
The firm announced that the Series A-1 and Series B shares stopped trading at market close on June 10. Investors who held the preferred shares will see common shares in their brokerage accounts when their broker-dealers update their records with the Depository Trust & Clearing Organization to distribute the new shares.
The Series A-1 shares were traded on the PRO Securities alternative trading service, a registered platform operated by a subsidiary of Overstock's blockchain arm, tZERO. In 2019, the venture drew