Saum Noursalehi, CEO of tZERO, a securities token platform under Overstock, issued an open letter to investors. Noursalehi revealed that the company has drastically cut its total expenditures through layoffs and salary cuts, and is preparing for external financing. Several company leaders accepted a cash cut and received additional equity compensation, and Noursalehi personally reduced their salary by 60%. In addition, tZERO recently hired Michael Gaviser, a capital market veteran, to focus on company strategy and business development. tZERO will continue to work with the Financial Industry Regulatory Agency (FINRA) and the Securities and Exchange Commission (SEC) to obtain approval for its retail broker-dealer tZERO Markets. This month, tZERO also conducted a product demonstration with FINRA, and tZERO believes that the approval process is currently in its final stage. Chain Wen noted that tZERO was established in 2014 to provide tokenized services and digital securities trading markets.