Overstock.com dips on news of $500M shelf registration statement
Shares of Overstock.com Inc. (Nasdaq:OSTK) dipped 3.4% this morning after the company announced after the market closed Tuesday that it has filed a new $500 million shelf registration statement with the Securities and Exchange Commission. The Salt Lake City-based online retailer said that the new statement will replace the company’s existing one, which would have expired later this year. Once effective, the new statement will allow Overstock.com, when ready, to sell up to $500 million of its debt securities, common stock, warrants and other securities in one or more offerings.
The company said it doesn't have current plans to raise capital but wants to have a statement in place “should the need or opportunity arise to raise capital on attractive terms.”
This morning, Overstock.com is trading at $18.75, down $0.66 from Tuesday's close. The stock has traded as low as $8.61 and as high as $39.39 in the past year.
For detailed price information and news stories on Overstock.com, click OSTK.
About the Author
Contributing author Mary Ann Azevedo has more than 13 years of writing and editing experience that includes coverage of a broad range of companies.
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