BUY OUT OFFER ACCEPTED
Ezra Levine is the CEO of Collectable
Dear Investor,
We are writing to update you on the results of the 48-hour shareholder survey following the buyout offer on our Corey Seager ’12 Bowman Chrome Orange Refractor Basket (2x) #’d /25.
As you know, Collectable received an offer to acquire Corey Seager ’12 Bowman Chrome Orange Refractor Basket (2x) #’d /25 for $3,500. The asset was offered on Collectable for $16,000 ($10/share). The asset has been trading on Collectable’s secondary market and last closed at $1,688 ($1.00/share), down 90% since IPO.
Inclusive of Collectable’s equity interests in the offering, fees and expenses, Collectable would return approximately $2.07 net price per share following a positive survey of shareholders and decision by the Manager. This represents a -79.30% net return over the IPO price and a 107% net premium over last traded price on Collectable’s secondary market.
On a share weighted basis, 61% decided to ACCEPT the buyout offer. As a result, we passed the acquisition offer to our advisory committee for review, which also 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 $3,500.
The asset will be retired from Collectable and all investors of record will receive a cash payout of $2.07/share to their Collectable wallet. Please allow up to 14 business days to receive your funds.
All the best,
Team Collectable
Ezra Levine
CEO, Collectable
