Salt Lake-based online closeout retailer Overstock.com announced Tuesday the closing of its auction-based underwritten public offering of 1.2 million shares of common stock at a price of $30.50 per share.
The company said in a release that the offering resulted in gross proceeds of about $36.6 million and net proceeds, before certain expenses of the offering, of approximately $35.3 million. The underwriters have an option to purchase up to an additional 100,000 shares to cover over-allotments, if any.
WR Hambrecht + Co LLC acted as the sole book-running manager. JMP Securities LLC acted as co-lead manager.
Overstock said it anticipates using the net proceeds of the offering primarily for general corporate purposes and working capital requirements, including sales and marketing activities and inventory purchases.
The company's stock rose 75 cents Tuesday to close at $31.79 per share on Nasdaq. In the past year, the price has ranged from $10.31 to $42.20.