Intertokenize

@HumbleandH @Alan_Konevsky @tZERO @JackCambell14 for board seat.

@tZERO is seeking the consent of all tZERO holders to enable the conversion of TZROP security tokens into tokenized Series B preferred equity, strengthening alignment with long-term shareholders and supporting potential future capital formation and strategic transactions. If approved, the proposal would: • provide TZROP holders with equity participation in future value creation • simplify tZERO’s capital structure • support a potential up to $10M capital commitment from @BedBathBeyond Resulting Series B shares are expected to remain tokenized and custodied on-chain within tZERO’s regulated infrastructure, with planned semi-annual, auction-based liquidity opportunities over time. If you are a TZROP holder, please visit our secure voting portal, available here, to learn more about our proposal and to cast your vote. Voting ends at 5:00 p.m. EDT on April 28. 2026. Link to full release in the comments section.

There is absolutely 0 chance @AlderLaneEggs will do a spaces call to discuss the conversion. He's loved doing space calls in past to hype up @tZERO but now that he will be forced to talk details about the conversion he will be quiet. Why do you think that is? Vote accordingly

@Alan_Konevsky @vlastakis @tZERO Points and Questions on the TZROP conversion feel free to respond Alan: 1. Am I getting a fair deal on the conversion ratio?The independent valuation by Dahn Consulting found that one TZROP is worth roughly 1.13 shares of Series B — yet the company is offering 3 shares of Series B per TZROP. That sounds generous on the surface, but the Series B original issue price is only $0.5497 per share, meaning 3 shares gives you about $1.65 in liquidation preference value. Compare that to the current TZROP redemption floor of $10.00 per token. You're potentially giving up significant redemption value in exchange for equity upside that may or may not materialize. 2. What exactly am I giving up? You lose three meaningful things: the $10.00 minimum redemption price (which the company can exercise at any time), the right to quarterly dividends (even though none have ever been declared), and continuous daily trading on the ATS. Instead, you'd get semi-annual auction-based liquidity windows — a dramatic reduction in your ability to sell when you want. 3. What happens to my seniority in the capital structure?TZROP currently sits at the very top — senior to both Series B Preferred and Common Stock for dividends and liquidation. After conversion, you'd be in the Series B class, which is senior to Common but no longer the most senior equity. You'd also be sharing that class with the existing 140.9 million Series B shares, diluting your influence within that class to roughly 31% of outstanding Series B. 4. What governance rights do I actually gain, and how meaningful are they?You'd gain the right to vote alongside Common Stock on an as-converted basis, and Series B holders collectively get to elect one board director. But with former TZROP holders representing only about 31% of the Series B class, and roughly 11% of total capitalization on a fully diluted basis, your practical influence over governance is limited. Protective provisions can also be waived by a majority of Series B holders — meaning BBBY and other large holders could override minority interests. 5. What's my realistic path to liquidity after conversion?Currently, TZROP trades continuously on the tZERO ATS. Post-conversion, the ATS will stop quoting TZROP, and your Series B shares would only be tradable during semi-annual auction windows on tZERO's private markets platform. There's no guarantee of buyer demand at those auctions. And while Series B shares could eventually convert to Common Stock through an IPO, SPAC merger, or similar event, there's no established market for Common Stock either and no timeline for any such liquidity event.