Beyond Chairman Urges Blockchain Securities Platform to Go Public
In a letter, e-commerce-focused retailer Beyond has called upon tZERO’s management and board of directors to pursue an initial public offering (IPO) or other action to create shareholder value by taking the company public.
Beyond and tZERO have worked together to release tokenized digital securities from Overstock and Buy Buy Baby. Murray, Utah-based Beyond owns both brands, as well as holding a share of tZERO, a blockchain-enabled trading platform for securities with offices in Salt Lake City and Jersey City, N.J.
Beyond Executive Chairman and Principal Executive Officer Marcus Lemonis said in issuing the letter: “After experiencing the capabilities at tZERO through two solid token offerings, assessing the favorable market conditions for peers in this space and having increased confidence in tZERO’s management team, we believe the time is now for tZERO to improve shareholder value by evaluating various options to become a listed company, whether directly, through an IPO, or via a special-purpose acquisition company, on the New York Stock Exchange.”
In the letter, Lemonis demanded that tZERO begin a due-diligence process and preparations to become publicly owned.
“With its regulatory infrastructure, leadership, backing and innovative framework, tZERO is poised and ready to enter this blockchain-favorable market,” the executive wrote.
