Overstock has canceled its recent proposed public stock offering.
“While we were pleased with the high level of interest shown in our offering, it was intended to be an opportunistic financing,” said Saum Noursalehi, Overstock president, in a brief statement released by the company. “Given the market volatility and price we are terminating the offering. We continue to pursue other strategic options.”
The company did not disclose any further details regarding the canceled public stock offering.
Overstock.com had previously announced that it intended to offer four million shares of its common stock in an underwritten public offering. The company stated that it had also expected to grant to the underwriters a 30-day option to purchase up to 600,000 additional shares of its common stock as part of the offering.