Overstock.com to Furniture Today: stock offering cancelled

MIDVALE, Utah – Overstock.com has emailed Furniture Today this statement: “Due to market conditions, the company has decided not to proceed with the offering at this time.”

The company spokesperson could not give further information.

On Monday, Overstock announced plans to offer 4 million shares of common stock in an underwritten public offering. The information in the prospectus combined with statements in a 10K filed earlier this month indicated that the company may have been preparing for a change in ownership. Read that story at https://www.furnituretoday.com/business-news/overstockcom-preparing-change-owner/

Shares in the company dropped more than 10% the day after the announcement. It was trading at less than $38 a share this afternoon after trading above $63 a share earlier this month.