BUY OUT OFFER ACCEPTED
Ezra Levine is the CEO of Collectable
We are writing to update you on the results of the 48-hour shareholder survey following the buyout offer on our Alexander Ovechkin | 2005-06 Upper Deck The Cup /99 BGS 8.5.
As you know, Collectable received an offer to acquire our Alexander Ovechkin | 2005-06 Upper Deck The Cup /99 BGS 8.5 for $55,000. The asset was offered on Collectable on March 19th, 2021 for $40,500 ($10/share). The asset has been trading on Collectable’s secondary market and closed Wednesday, Dec. 1st, 2021 at $44,145 ($10.90/share), up 9% since IPO.
Inclusive of Collectable’s equity interests in the offering and broker-dealer transaction fees, Collectable would return approximately $12.98 net price per share following a positive survey of shareholders and decision by the Manager. This represents a 29.8% return over the IPO price ($10/share) and a 19.08% net premium over last traded price on Collectable’s secondary market ($10.90).
On a share weighted basis, 84% decided to ACCEPT the buyout offer. As a result, we passed the acquisition offer to our advisory committee for review. In a 5-0 vote, our advisory committee voted to accept the offer. Their vote was guided primarily by shareholder sentiment and the belief this offer represents a reasonable exchange at today’s valuations.
With support from both a majority of the shareholders and advisory committee, Collectable has agreed to accept the buyer’s offer for the underlying asset for $55,000.
The asset will be retired from Collectable and all investors of record will receive a cash payout of $12.98/share to their Collectable wallet. Please allow up to 14 business days to receive your funds.
Thank you, and congrats to shareholders,
~ Team Collectable