Overstock.com sets subscription price for preferreds rights offering

By Susanna Moon

Chicago, Dec. 7 – Overstock.com, Inc. set the final subscription price for its rights offering of series A preferred shares and series B preferred shares at the maximum subscription price of $15.68 per share.

The subscription price was set as 95% of the volume-weighted average trading price of the common stock for the five days ending on and including Dec. 6, according to a company announcement.

The volume-weighted trading price for that period was $16.97; 95% of which is $16.12.

As a result, rights holders who exercised rights in the offering will acquire their shares for $15.68 per share, which is about a 9.4% discount to the closing price of the common stock on Dec. 6 of $17.30.

The subscription period for the rights offering expired on Dec. 6, with closing expected to occur on Dec. 15.

“Issuing history’s first public blockchain security is to the world of finance what Chuck Yeager breaking the sound barrier was to aviation. This is the start of a new age for global capital markets,” Patrick M. Byrne, Overstock chief executive officer, said in the company’s Nov. 15 press release.

The blockchain shares will trade exclusively on a registered alternative trading system using the t0 blockchain technology, the release noted.

Overstock.com is an online shopping retailer based in Salt Lake City, Utah.

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