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EcommerceBytes-NewsFlash, Number 1434 - December 18, 2006 - ISSN 1539-5065    1 of 4

Overstock Issues Stock, Set to Launch Auto Section

By Ina Steiner
December 18, 2006

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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.


About the author:

Ina Steiner is co-founder and Editor of EcommerceBytes and has been reporting on ecommerce since 1999. She's a widely cited authority on marketplace selling and is author of "Turn eBay Data Into Dollars" (McGraw-Hill 2006). Her blog was featured in the book, "Blogging Heroes" (Wiley 2008). Follow her on Twitter at @ecommercebytes and send news tips to ina@ecommercebytes.com.

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