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May 29, 2002 at 12:00 AM EDT
Overstock.com Announces Initial Public Offering
The common stock is expected to begin trading tomorrow on the Nasdaq Stock Market under the symbol OSTK. Of the total offering, 2,155,000 shares are being offered by the company and 845,000 shares by a single stockholder. In addition, the company and the selling stockholder have granted the underwriters an option to purchase an additional 450,000 shares to cover over-allotments, if any.
The co-managing underwriters of the offering are WR Hambrecht + Co and Cantor Fitzgerald & Co., LLC, using WR Hambrecht's OpenIPO(SM) system, an electronic, auction-based method of conducting initial public offerings.
OpenIPO: The method of distribution being used by the underwriters in this offering differs somewhat from that traditionally employed in firm commitment underwritten public offerings. In particular, the public offering price and allocation of shares is determined primarily by an auction process conducted by the underwriters and other securities dealers participating in this offering.
Overstock.com is an online "closeout" retailer offering discount, brand-name merchandise for sale over the Internet. The company offers its customers an opportunity to shop for bargains conveniently, while offering its suppliers an alternative inventory liquidation distribution channel.
A copy of the prospectus relating to the offering may be obtained through WR Hambrecht + Co's Web site, www.wrhambrecht.com; by contacting WR Hambrecht + Co in writing at 539 Bryant Street, San Francisco, CA 94107; or by calling WR Hambrecht + Co toll free at 877/673-6476 (877/OPEN-IPO).
A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on May 29, 2002. The offering is made only by means of a prospectus.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.