Collectable received an increased offer to acquire the Willie Mays 1951 Bowman Original Photo for $65,000 following the April 2021 IPO of $49,950. Inclusive of Collectable’s equity interests in the offering and broker-dealer transaction fees, Collectable would return approximately $12.18 net per share, if shareholders accept the offer. This represents a 21.8% net return over the IPO price ($10/share) and an 8.27% net premium over last traded price on Collectable’s secondary market ($11.25/share).
On a share-weighted basis, 66% of unit-holders preferred to ACCEPT the buyout offer. The acquisition offer was passed to our advisory committee for review.
The advisory committee believes this offer represents a reasonable exchange at today’s valuations. In a 5-0 vote, our advisory committee voted to accept the offer. 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 $65,000. The asset will be retired from Collectable’s secondary market and all investors of record will receive a cash payout of $12.18/share to their Collectable wallet.