E-commerce company-turned-blockchain play Overstock.com’s 4 million share offering has been canceled, according to a source familiar with the situation.
Underwriter Guggenheim Securities decided late Wednesday not to proceed due to market conditions, the source said.
Overstock shares traded 3 percent higher near $37.70 a share Thursday morning. The stock had tumbled 14.97 percent Tuesday after the company announced the share offering, which listed D.A. Davidson as co-manager. Taking into account further declines Wednesday, the shares have fallen 42.7 percent so far this year.