Overstock.com stock offering canceled, source says; shares rise

Overstock.com stock offering canceled, source says; shares rise

Ken James | Bloomberg | Getty Images
A United Parcel Service Inc. (UPS) worker loads orders onto a truck in the shipping area at the Overstock.com Inc. distribution center in Salt Lake City, Utah.

E-commerce company-turned-blockchain play Overstock.com’s 4 million share offering has been canceled, according to a source familiar with the situation.

 

Underwriter Guggenheim Securities decided late Wednesday not to proceed due to market conditions, the source said.

Overstock shares traded 3 percent higher near $37.70 a share Thursday morning. The stock had tumbled 14.97 percent Tuesday after the company announced the share offering, which listed D.A. Davidson as co-manager. Taking into account further declines Wednesday, the shares have fallen 42.7 percent so far this year.

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