Overstock converts preferred stock token to common stock

Online retailer Overstock has converted its Digital Voting Series A-1 Preferred Stock, a security token, and its Voting Series B Preferred Stock into shares of the company's common stock. 

The firm announced that the Series A-1 and Series B shares stopped trading at market close on June 10. Investors who held the preferred shares will see common shares in their brokerage accounts when their broker-dealers update their records with the Depository Trust & Clearing Organization to distribute the new shares. 

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The move reflects the outcome of a May 12 shareholder