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Overstock.com raises $10.9M in rights offering

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Overstock.com raises $10.9M in rights offering

Overstock.com Inc. raised a gross amount of about $10.9 million through a rights offering of preferred shares, which closed Dec. 15.

A total of 695,898 shares were sold in the offering, of which 126,565 or about 18% were series A blockchain shares. As previously announced, such shares will trade on a registered alternative trading system under the new ticker symbol OSTKP, using the t0 platform that is majority-owned by Overstock unit Medici Ventures.

Meanwhile, the series B shares will trade in the over-the-counter market, with FINRA expected to assign a trading symbol for the shares on Dec. 16.

Overstock's board approved the rights offering in October.