Collectable Accepts Michael Jordan 1985 Nike Promo SGC Basket of 50 Offer at $203,000

Collectable received an offer to acquire the Michael Jordan 1985 Nike Promo SGC Basket of 50 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.

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