Overstock.com raises $40 million in stock sale

Online discount retailer Overstock.com Inc. has raised $40 million from the sale of 2.73 million shares of common stock to institutional investors at $14.63 a share, the company reports. WR Hambrecht + Co. LLC was the placement agent for the offering.

Overstock, No. 18 in the Internet Retailer Top 500 Guide, says it will use the proceeds for general corporate purposes and working capital requirements, including sales and marketing and inventory purchases.