Beyond Inc. has launched its first Overstock ‘O’ Days Anniversary Event, commemorating the e-tailer’s founding in the spring of 1999.
In addition, Beyond stated that its subsidiary, Commercial Strategies, has initiated a crowdfunding offer of a tokenized digital security linked to Overstock’s intellectual property.
Beginning April 14, shoppers can check out five days of Overstock’s everyday deep discounts boosted by substantial additional off coupons on customer favorites, including an additional 25% off select rugs, an additional 20% off select jewelry, an additional 15% off select mattresses, and an additional 10% off select furniture, including patio. The promotion also includes thousands of products at up to 75% off with Flash Price Drops, Beyond stated, as well as up to 55% off hand-picked designer luxury items, including a Burberry Flash Sale.
“This is the broadest and deepest sale we’ve had in years at Overstock, and we are beyond excited to offer our customers these deals on their favorite legacy categories,” said Marcus Lemonis, Beyond executive chairman and principal executive officer. “These are the kinds of deals that don’t come around every day, and bringing them all together in one event is something we’re immensely excited about.”
Regarding the digital security launch, Beyond stated that Commercial Strategies intends to raise at least $250,000 by October 15, with a maximum provision of $1.2 million, to increase the subsidiary’s capitalization and financial flexibility, create a market for its tokenized digital securities, and elevate awareness of the Overstock brand. Holders of Beyond common stock can receive a preferred subscription pricing of $5 per share. The price of the shares for all other investors is $10. The holders of the shares will be entitled to receive an annual pro rata dividend derived from 1% of the net sales from Overstock.com, subject to lawful ability to pay and if declared.
Lemonis noted, “We are excited our subsidiary launched its first-ever real-world asset with the ‘O’ Digital Token. This digital asset is a crowdfunding offering of a tokenized digital security linked to Overstock intellectual property, a real-world asset, and it’s designed to pay an annual dividend. This will also support and demonstrate the efficacy of the tZERO platform, a company where Beyond owns a very significant interest. The ‘O’ Digital Token will also offer its investors a way to participate in Overstock brand’s growth and create a community to belong to.”
