Overstock Announces $100 Million Stock Repurchase Program
August 17 2021 - 8:30AM
Overstock.com, Inc. (NASDAQ:OSTK), a leading e-commerce home
furnishings retailer, today announced that its Board of Directors
has approved a stock repurchase program of up to $100
million of its outstanding common stock. This repurchase
program is designed to return value to Overstock stockholders and
to help offset the dilutive impact of recent stock issuances and
future employee restricted stock vesting. Overstock expects to fund
repurchases through existing cash balances and cash generated from
operations which have been strengthened by the company’s strong
operational results.
“Today’s announcement demonstrates our confidence in our
business and our ability to deliver sustainable, profitable market
share growth,” said Overstock CEO Jonathan Johnson. “This share
repurchase program is aligned with our commitment to strategically
deploy capital where we believe we can drive the greatest value for
our shareholders and underscores the strength of our balance
sheet.”
The Repurchase Committee designated by the Board of Directors
will determine the timing and amount of any share repurchases in
its discretion using factors such as, but not limited to, stock
price, trading volume, general market conditions, and the ongoing
assessment of the Company’s capital needs. The repurchase program
has a termination date of December 31, 2023, and may be extended,
suspended, or discontinued at any time by the Board of
Directors.
About OverstockOverstock.com, Inc (Common
Stock (NASDAQ:OSTK) / Series A-1 Preferred Stock (tZERO ATS:OSTKO)
/ Series B Preferred Stock (OTCQX:OSTBP)) is an online
retailer and technology company based in Salt Lake City, Utah.
Its leading e-commerce website sells a broad range of new home
products at low prices, including furniture, décor, area rugs,
bedding and bath, home improvement, and more. The online shopping
site, which is visited by tens of millions of customers a month,
also features a marketplace providing customers access to millions
of products. In 2014, Overstock was the first major retailer to
accept cryptocurrency as a form of payment and continues to do so.
Overstock regularly posts information about the Company and other
related matters on the Newsroom and Investor
Relations pages on its website, Overstock.com.
O, Overstock.com, O.com, Club O, and Worldstock are registered
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.
Cautionary Note Regarding Forward-Looking
StatementsThis press release contains certain
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, including but not limited
to statements regarding our stock repurchase program. Additional
information regarding factors that could materially affect results
and the accuracy of the forward-looking statements contained herein
may be found in the Company's Annual Report on Form 10-K for the
fiscal year ended December 31, 2020, which was filed with the SEC
on February 26, 2021, our Form 10-Q for the quarter ended March 31,
2021 which was filed with the SEC on May 6, 2021, our Form 10-Q for
the quarter ended June 30, 2021 which was filed with the SEC on
August 5, 2021, and in our subsequent filings with the SEC.
Contacts Investor
Relations: Alexis
Callahan 801-947-5126 ir@overstock.com |
Media:Megan Herrick801-947-3564pr@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