Overstock.com converts two series of preferreds into common shares

By Rebecca Melvin

Concord, N.H., June 14 – Overstock.com Inc. has converted the company’s digital voting series A-1 preferred stock (OSTKO) and voting series B preferred stock (OSTBP) into shares of the company’s common stock, according to a company news release on Tuesday.

The conversions are intended to simplify the e-commerce retailer’s equity capital structure, the release said.

The series A-1 and series B shares ceased trading at market close on June 10, and shortly thereafter the company filed applicable documents with the Delaware Secretary of State to effect the conversion.

The company’s transfer agent, Computershare, Inc., has made the common shares available to its registered shareholders and the Depository Trust & Clearing Corp. to distribute them to the applicable broker-dealers and their customers.

“This conversion simplifies our equity capital structure by moving to a single class of stock from three classes, and is what our investors wanted,” said Overstock CEO Jonathan Johnson in the news release.

The retailer of home furnishings is based in Midvale, Utah.

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