Salt Lake-based online closeout retailer Overstock.com Inc. said Thursday it expects to raise about $36.6 million from its auction-based underwritten public offering of 1.2 million shares of common stock at $30.50 per share.
The company expects net proceeds of about $35.3 million. The underwriters have an option to buy up to 100,000 more shares to cover any over-allotments.
Overstock.com said it expects to use the net proceeds primarily for general corporate purposes and working capital requirements, including sales and marketing activities and inventory purchases.