Photo by David Becker
Photo by David Becker
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Since we announced that Otis was joining forces with Public.com, the team has been hard at work finalizing the details of our integration, and we have some further updates to share:
- We’ve recently finalized the list of which assets will be migrating over to the Public platform. This list is based on a variety of factors including market cap, ongoing investment case, and expected demand on Public. All other assets will be sold and proceeds distributed pro rata to shareholders. Scroll down to the end of this post to see the asset-by-asset details.
- Trading for any non-migrating assets (i.e., the assets being sold) will be paused at market close on Friday, July 8th. This will ensure that no assets are open for trading while up for auction.
- Trading for any assets migrating to Public will remain open until approximately 2 weeks prior to the migration over to the Public platform. We will communicate more details on a firm date as we get closer, but we expect trading to pause for these assets later in July or in early August.
- Proceeds for any sold assets will be paid out to shareholders via the Otis app to shareholders’ cash accounts. The distribution of proceeds will take place on a rolling basis as assets are sold. That said, we expect all proceeds to be paid and the Otis app to be shut down sometime in Q4 2022.
- Any investors with shares of assets migrating to Public will need to open a Public account to buy or sell their shares. New Public users can go here and get between $3 and $300 in free stock when they fund their account.
- Please note, shareholders’ migrating Otis holdings will only be visible in the Public app after trading for migrating assets pauses on Otis and the assets are fully migrated over to Public. More details to follow on exact timing.
Our current plan is to merge all sneaker assets (excluding game-worn or signed pairs) into a single collection and migrate this new collection to the Public platform. Shareholders of any of these assets, as of the date we pause trading for migrating assets, will receive shares in this new, merged collection proportional in value to their existing holdings (based on our internal FMV calculations of each existing asset). We expect there to be no tax implications for shareholders on account of this merging of assets. Given that this new, merged collection requires an updated filing with the SEC, we do expect there to be some additional delays between when trading of sneaker assets is paused on Otis and when it reopens on Public. More details on exact timing to follow.
Where possible we’ve also included where the asset will be sold, as well as the date of the auction. We will continue to update this list with dates as they become available.
1987 Fleer Michael Jordan - Goldin Auctions (September 11)
Cleon Peterson - Phillips
Contra - Heritage Auctions (August 30)
Grimes NFT Collection - OpenSea
Halo: Combat Evolved 9.8 / A - Heritage Auctions
Katherine Bradford - Phillips (September 28)
Kawhi Leonard RPA - Goldin Auctions (September 11)
Kevin Durant Warriors Jersey - Goldin Auctions (September 11)
Kylian Mbappe RC - Goldin Auctions (September 11)
Lebron James RC - Goldin Auctions (September 11)
Lebron James SP Auto RC - Goldin Auctions (September 11)
Lionel Messi Green Prizm - Goldin Auctions (September 11)
Magic Johnson Topps Card - Goldin Auctions (September 11)
Mario Kart 64 - Heritage Auctions (September 29)
Meebit #12536 - OpenSea
Metroid NES - Heritage Auctions (September 29)
Michael Jordan SP Gold - Goldin Auctions (September 11)
Otis x MSCHF - Phillips (September 28)
Patrick Mahomes RP - Goldin Auctions (September 11)
Pokemon Blue - Heritage Auctions (August 30)
Pokemon Yellow - Heritage Auctions (September 29)
Pokemon Red - Heritage Auctions (September 29)
Russell Wilson Signed RC - Goldin Auctions (September 11)
Super Mario Bros. 3 - Heritage Auctions (September 29)
Super Mario Land - Heritage Auctions (August 30)
Tetris Collection - Heritage Auctions (September 29)
The Amazing Spider-Man #129 - Heritage Auctions (September 8)
Tiger Woods SP Auto RC - Goldin Auctions (September 11)
Zelda II - Heritage Auctions (September 29)
Zion Williamson RC - Goldin Auctions (September 11)
Should you have any questions, please contact our support team at email@example.com.
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