Overstock’s tZERO Is Looking for a Buyer/Strategic Partner

Someone should forward their info to Mark Cuban and Mr. Wonderful and try to get them on Shark Tank.

"The company is exploring a number of options, including a SPAC merger, said tZERO VP of Investor Relations Michael Mougias.

Tokenized securities venue tZERO is shopping itself around, in search of the right buyer to take the trading platform to the next level, two people familiar with the plans told CoinDesk.

One of the sources, from a tZERO partner company, said: “They’ve been open to selling it for a while.”

The alternative trading system (ATS) is the crown jewel of Overstock’s Medici Ventures. Medici’s stable of blockchain projects was brought under the management of VC firm Pelion Venture Partners earlier this year, part of Overstock’s plan to eventually exit its blockchain-related investments.

According to tZERO VP of Investor Relations Michael Mougias, the goal is not to sell tZERO, but rather to find the right strategic partners. However, this could mean going down a number of possible routes including taking tZERO public via a special purpose acquisition company (SPAC), Mougias added.

“There could be strategic buyers that perhaps want to take control of the business, or take up a majority stake in the business, which would result in a change of control, and that would technically be a buyer,” Mougias said in an interview.

A capital raise for tZERO is under way and non-disclosure agreements (NDAs) are being signed with VCs and traditional private equity firms, tZERO CEO Saum Noursalehi said during a webinar last month."

Read full write up here:

https://www.coindesk.com/overstocks-tzero-is-looking-for-a-buyer