Shares of cryptocurrency play Overstock.com crater on share offering

Shares of cryptocurrency play Overstock.com crater on share offering

Ken James | Bloomberg | Getty Images
An employee scans an order in the shipping area at the Overstock.com distribution center in Salt Lake City, Utah.

Shares of Overstock.com fell more than 10 percent Tuesday after the company announced its intention to offer 4 million shares of new stock.

 

The e-commerce company said after the markets closed Monday it would issue the new common stock in an underwritten public offering. Guggenheim is the sole underwriter, and has the option to buy up to 600,000 additional shares in the offering within 30 days, Overstock.com said.

Overstock.com was trading at $39.75 on Tuesday morning, bringing the total stock offering to about $158.8 million. Shares are down by more than 37 percent this year.

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