BUY OUT OFFER REJECTED
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 Michael Jordan ’09 Exquisite Rookie Flashback Patch Auto BGS 8.5 #’d /23
As you know, Collectable received an offer to acquire Michael Jordan ’09 Exquisite Rookie Flashback Patch Auto BGS 8.5 #’d /23 for $90,000. The asset was offered on Collectable for $165,000 ($10/share). The asset has been trading on Collectable’s secondary market and last closed at $70,950 ($4.30/share), down 57% since IPO.
Inclusive of Collectable’s equity interests in the offering and broker-dealer transaction fees, Collectable would return approximately $4.91 net price per share following a positive survey of shareholders and decision by the Manager. This represents a -50.9% net return over the IPO price and a 12.42% net premium over last traded price on Collectable’s secondary market.
On a share weighted basis, 75% chose to REJECT the buyout offer. As a result, the Manager has declined the buyout offer. The asset will continue to trade on Collectable’s secondary market.
All the best,