Overstock.com Announces Rights Offering Final Subscription Price
December 07 2016 - 8:45AM
Overstock.com, Inc. (NASDAQ:OSTK) announced today that the final
subscription price for its rights offering of Series A Preferred
Shares (“Series A”) and Series B Preferred Shares (“Series B”) will
be equal to the previously-announced maximum subscription price of
$15.68 per share. As described in the prospectus supplement for the
rights offering, the subscription price was set as 95 percent of
the volume-weighted average trading price of the common stock for
the five days ending on and including Dec. 6, 2016, rounded to the
nearest $0.01, but not more than $15.68. The volume-weighted
trading price for that period was $16.97; 95 percent of which is
$16.12. As a result, rights holders who validly exercised rights in
the offering will acquire their shares for $15.68 per share, which
is approximately a 9.4 percent discount to the closing price of the
common stock on Dec. 6, 2016 of
$17.30. The subscription period
for the rights offering expired in accordance with its terms on
Dec. 6, 2016. Subject to the matters described in the prospectus
supplement, the closing of the rights offering is expected to occur
on Dec. 15, 2016. Overstock expects to be able to fill all
validly-submitted subscriptions, including subscriptions utilizing
the over-subscription privilege, without prorating any
subscriptions. Overstock will announce the final results of the
rights offering after the closing occurs, and the subscription
agent will notify rights holders of the number of shares, if any,
allocated to each, as promptly as may be practicable after
completion of the allocation process. The Series A shares will
trade as digital shares on Overstock subsidiary t0.com’s trading
platform. The Series B shares will be traditional shares which are
expected to trade in the over-the-counter market.The rights
offering is being made pursuant to Overstock's effective shelf
registration statement on Form S-3 (Reg. No. 333-203607) on file
with the Securities and Exchange Commission (the “SEC”) and the
related prospectus supplement filed with the SEC on Nov. 14,
2016.
About Overstock.comOverstock.com, Inc.
(NASDAQ:OSTK) is an online retailer based in Salt Lake City, Utah
that sells a broad range of products at low prices, including
furniture, rugs, bedding, electronics, clothing, and jewelry.
Additional stores within Overstock include Worldstock.com,
dedicated to selling artisan-crafted products to help developing
nations around the world and Main Street Revolution, supporting
small-scale entrepreneurs in the U.S. by providing them with a
national customer base. Other community-focused initiatives include
Farmers Market and pet adoptions. Forbes ranked Overstock in
its list of the Top 100 Most Trustworthy Companies in 2014.
Overstock sells internationally under the name O.co and regularly
posts information about the company and other related matters under
Investor Relations on its website.O, Overstock.com, O.com, O.co,
Club O, Main Street Revolution, Worldstock and OVillage are
registered trademarks of Overstock.com,
Inc. O.biz and Space Shift are also trademarks
of Overstock.com, Inc. Other service marks, trademarks and
trade names which may be referred to herein are the property
of their respective owners.
About Source Capital Group, Inc. Source Capital
Group, Inc. was founded in 1992 as a boutique investment banking
firm specializing in small to medium-sized transactions, and
continues to focus its investment banking activities in those
segments of the market. Source Capital has grown to include
businesses in general securities, emerging market securities,
distressed and high yield debt securities, investment management,
mortgages and business lending. Source Capital’s mission is to
provide excellent service and independent, unbiased and tailor-made
advice. Source Capital is registered as a broker-dealer with the
SEC and in 50 states, the District of Columbia and Puerto Rico, and
is a member of the Financial Industry Regulatory Authority and the
Securities Investor Protection Corporation.
Forward-Looking Statements: This press release
contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Such forward-looking statements include all
statements other than statements of historical fact. These
forward-looking statements are inherently difficult to predict.
Actual results, including all matters relating to the rights
offering and all matters relating to our future financial results,
could differ materially for a variety of reasons. Information about
factors that could potentially affect our financial results is
included in our Form 10-Q for the quarter ended June 30, 2016 which
we filed with the SEC on August 4, 2016. These and our other
subsequent filings with the SEC identify important factors that
could cause our actual results to differ materially from those
contained in our projections, estimates and other forward-looking
statements.
SOURCE Overstock.com, Inc.
Overstock.com, Inc. has filed a registration statement
(including a prospectus) with the SEC for the offering to which
this communication relates. Before you invest, you should read the
prospectus in that registration statement, the applicable
prospectus supplement for any securities offered pursuant to the
registration statement, and other documents that Overstock.com,
Inc. has filed or files in the future with the SEC for more
complete information about Overstock.com, Inc. and the offering.
You may get these documents for free by visiting EDGAR on the SEC
Web site at www.sec.gov. Alternatively, Overstock.com, Inc. will
arrange to send you the prospectus if you request it by calling
1-801-947-5409.
Media Contact:
Kirstie Burden, Overstock.com, Inc.
+1 (801) 947-3564
pr@overstock.com
Investor Contact:
Mark Harden, Overstock.com, Inc.
+1 (801) 947-5409
ir@overstock.com
Overstock com (NASDAQ:OSTK)
Historical Stock Chart
From Mar 2024 to Apr 2024
Overstock com (NASDAQ:OSTK)
Historical Stock Chart
From Apr 2023 to Apr 2024