American online retail giant Overstock.com's blockchain subsidiary tZERO has closed its Security Token Offering (STO) on August 6, 2018.

tZERO commenced the token sale late last year, seeking to raise $250 million. It has now closed the STO saying that “There will not be further extensions.”

In June 2018, tZERO signed a letter of intent with GSR Capital for a purchase of $160 million in tZERO Security Tokens. To accommodate the investment, it had extended the STO until August 6, 2018.

In an official announcement, the company said:

“Investors with fully executed Simple Agreements of Future Equity (SAFEs) have until 5 PM (EDT) Wednesday, August 8 to remit funds to tZERO. The company plans to report on the results of the STO this coming Thursday, August 9, 2018, during Overstock’s earnings call.”

Previously, tZERO had announced that a portion of the STO investments would be used to fund its joint venture with BOX digital Markets aimed at launching a regulated security token exchange. The company may also use the funds to increase personnel and to drive further international expansion in the future.

[Correction: The article has been edited to mention that Overstock.com is an American online retail giant, not Chinese as stated previously]