Overstock.com Inc. has raised $25 million through the issuance of more than 1 million shares of common stock to pay for general corporate purposes and working capital requirements, including marketing and inventory expenses, it said today.
Overstock, No. 19 in the Internet Retailer Top 400 Guide to Retail Web Sites,
said it issued 1,041,667 shares at $24 per share. The proceeds of $25 million equal the company’s net loss for the fiscal year ended Dec. 31, though its net loss narrowed to $15.9 million for the first quarter ended March 31.
Chairman and CEO Patrick Byrne says he expects the company to be close to a break-even financial status later this year.
Jacob Hawkins, vice president of online marketing for Overstock, will speak at the Internet Retailer 2006 Conference & Exhibition this June in Chicago on the topic “Making Sense of Online Shopping Malls.”
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