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 Mickey Mantle 1953 Topps PSA 10.
As you know, Collectable received an offer to acquire the item for $3,000,000 following the September 2020 IPO of $2,500,000.
While shareholders were deliberating, a higher offer emerged – $3,100,000.
Inclusive of Collectable’s equity interests in the offering and broker dealer transaction fees at this higher valuation of $3,100,000, the offer represents a 19.52% premium over the price investors paid on the IPO ($25/share), and a 14.81% premium over last traded price on Collectable’s secondary market ($27/share).
On a share weighted basis, 85% decided to ACCEPT the buyout offer. As a result, we passed the acquisition offer to our advisory committee for review.
In a 4-1 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 $3,100,000.
The asset will be retired from Collectable’s secondary market and all investors of record will receive a cash payout of $29.88/share to their Collectable wallet.
Please allow up to 14 business days to receive your funds. Please ensure you are verified for Collectable’s secondary market to receive your proceeds in your Collectable account.
Thank you, and congrats to shareholders,