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 Michael Jordan 1985 Nike Promo SGC Basket – 50x.
As you know, Collectable received an offer to acquire the item for $180,000 following the January IPO of $139,000.
While shareholders were deliberating, a second interested buyer emerged with a higher offer. After a series of counterbids, the highest offer emerged as $203,000.
Inclusive of Collectable’s equity interests in the offering and broker dealer transaction fees at this higher valuation of $203,000, the offer represents a 43% premium over the price investors paid on the IPO ($10/share), and a 43% premium over last traded price on Collectable’s secondary market ($10/share).
On a share weighted basis, 56% 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 $203,000.
The asset will be retired from Collectable’s secondary market and all investors of record will receive a cash payout of $14.30/share to their Collectable wallet.
Please allow up to 10 business days to receive your funds.
Thank you, and congrats to shareholders,