BUY OUT OFFER ACCEPTED
Ezra Levine is the CEO of Collectable
Dear Investors –
We are writing to update you on the results of the 48-hour shareholder survey following the increased buyout offer on our Rafael Devers 2015 Bowman Chrome Superfractor 1/1.
As you know, Collectable received an increased offer to acquire the item for $78,500 following the April 2021 IPO of $36,000.
Inclusive of Collectable’s equity interests in the offering and broker dealer transaction fees, Collectable would return approximately $21.04 net per share, if shareholders accept the offer. This represents a 110.4% return over the IPO price ($10/share) and a 144.65% premium over last traded price on Collectable’s secondary market ($8.60/share).
On a share weighted basis, 95% 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 the majority of the shareholders and advisory committee, Collectable has agreed to accept the buyer’s offer for the underlying asset for $78,500.
The asset will be retired from Collectable’s secondary market and all investors of record will receive a cash payout of $21.04/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,