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 vote following the Series #MagicBirdDrJ acquisition offer. As you know, Collectable received an offer to acquire the Magic Johnson, Larry Bird, Julius Erving 1980 Scoring Leader PSA 10 for $720,000 following October’s $352,000 IPO.
On a share weighted basis, 62% voted in favor of selling. As a result, we passed the acquisition offer to our advisory committee for review.
In a 5-0 unanimous decision, the advisory committee voted to accept the offer. Their vote was guided primarily by shareholder sentiment, and the belief this offer represents a fair and equitable 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 in the Series #MagicBirdDrJ for $720,000.
Shareholders will receive a payout of $160.69 per share, after accounting for Collectable’s equity interests and broker dealer transaction fees. This represents a 100.86% return in just less than 4 months.
With an accepted offer, shares in the Series #MagicBirdDrJ will be retired and pay-outs will be made pro-rata to current shareholders. As a result, the asset will no longer be eligible for trading on our secondary market next week and will appear as “Exited/Sold” in the app.
All the best,