After Overstock.com filed a quarterly report with the SEC in the fall that did not meet requirements, the NASDAQ stock market granted the company an exception to enable it to regain compliance with its listing rules, and must file its Form 10-Q for the period ended September 30, 2009 by May 17, 2010.

In a press release issued on Christmas Eve, Overstock.com President Jonathan Johnson said, "At this point, I fully expect that we will regain compliance well before the May 17 deadline. We are in the process of engaging independent auditors, and we are in discussions with the SEC to answer the staff's questions on the accounting matters that lead to our filing an unreviewed Form 10-Q."

Overstock.com said it had filed an unreviewed Quarterly Report on Form 10-Q for the period ended September 30, 2009 that did not contain the certifications required under sections 302 and 906 of the Sarbanes-Oxley Act of 2002. If it does not meet the deadline, it could be delisted from NASDAQ.

In other news, Overstock.com entered into a financing agreement with U.S. Bank National Association for a $20 million revolving facility. The agreement provides for revolving loans and other financial accommodations to or for the benefit of the Company of up to $10 million for cash-collateralized advances, and up to $10 million for advances supported by non-cash collateral. The facility terminates on October 2, 2011.