Overstock.com announced that institutional investors have agreed to purchase 2,734,152 shares of its common stock for $40.0 million at a price of $14.63 per share. The company said it intends to use the proceeds for general corporate purposes and working capital, including sales and marketing activities and inventory purchases.
It its filing with the SEC, Overstock.com disclosed it would begin displaying two new tabs on its website later in the month. An "automotive" tab will show automobiles for sale by car dealers and will allow users to express offers on the automobiles. The new "social media" tab will allow users who share common interests to collaborate with other users to write articles about their interests.
