Overstock.com, the e-commerce leader that has embraced bitcoin and became the first company to solicit qualified institutional buyers in a digital corporate bond, has announced the subsequent sale period for its tZERO preferred equity tokens. The offering has been extended until 5 p.m. EDT on May 14, 2018.

Overstock.com has begun the subsequent sale period for its tokens after raising $100 million in its pre-sale from strategic purchasers at discounted prices. During the subsequent sale period, purchasers will claim rights to acquire tZERO security tokens, pursuant to Simple Agreements for Future Equity (SAFEs), at a fixed price of $10.00 per token, subject to discounts and other concessions.

Approximately 1,000 purchasers

As of March 1, 2018, tZERO has entered into executed SAFES with about 1,100 purchasers for around $114.6 million of tokens, of which $100.6 million has been funded by the purchasers.

tZERO first commenced its offering on Dec. 18, 2017. With the subsequent sale period, tZERO has issued an amended, private placement offering memorandum that supersedes all prior offering materials. Investors that have executed a SAFE on or prior to March 1, can cancel their SAFE and get a full refund of their investment.

The tZERO security token symbol is expected to be TZRO, while the token is expected to be ERC-20 or an equivalent compliant.

The offering' size is $250 million with the option to upsize to $300 million, should there be sufficient demand.

U.S. investors must be accredited investors to be able to execute SAFEs and participate in the subsequent sale period.

Also read: Overstock.com launches offering of world's first 'cryptosecurity'