Lacking Confidence
Overstock.com shares fell more than 10 percent Tuesday, following the e-commerce company’s announcement that it intends to offer 4 million shares of new stock in an underwritten public offering. As the lone underwriter, Guggenheim will have the option to purchase as many as 600,000 additional shares within a 30 day period.
Overstock.com is based out of Salt Lake City and is most widely known as a seller of furniture, home decor, and jewelry. Like many struggling companies, however, it has decided to venture into the world of cryptocurrency through its subsidiary, tZero.
As noted by CNBC, tZero previously stated it would form a joint venture with its parent company to launch a digital coin exchange, claiming it has acquired a license for an alternative trading system.
However, the Securities and Exchange Commission (SEC) is currently investing the company’s cryptocurrency-focused subsidiary’s sale of digital tokens after requesting “certain documents related to the offering and the tokens in connection with its investigation.” The move illustrates …
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