SALT LAKE CITY, May 6, 2015 (GLOBE NEWSWIRE) -- Overstock.com, Inc.'s (Nasdaq:OSTK) board of directors has authorized a new stock repurchase program of up to $25 million of outstanding common stock. This repurchase program is intended to mitigate dilution resulting from employees' restricted stock units and stock options. The program will run for an undetermined time period up to Dec. 31, 2017.
Overstock.com stated that the actual timing, number and value of shares repurchased under the program will be determined by management in its discretion and will depend on Overstock.com's liquidity and anticipated needs for liquidity, the market price of the shares from time to time, general market and economic conditions, legal requirements and restrictions, and any other relevant matters. There is no assurance of the number or market prices of any shares that Overstock.com may repurchase. The repurchase program may be extended, suspended or terminated at any time without notice at Overstock.com's discretion.
As of May 4, 2015, Overstock.com had approximately 24.3 million shares of common stock outstanding.
Overstock.com, Inc. (Nasdaq:OSTK) is an online shopping retailer based in Salt Lake City, Utah that sells a broad range of products at low prices including furniture, rugs, bedding, electronics, clothing, and jewelry. Worldstock.com is a fair trade department dedicated to selling artisan-crafted products from around the world whereas Main Street Revolution supports small businesses across the U.S. by providing them a national customer base. Overstock has additional community-focused initiatives such as a Farmers Market and pet adoption service. Forbes ranked Overstock in its list of the Top 100 Most Trustworthy Companies in 2014. Overstock sells internationally under the name O.co. Overstock (http://www.overstock.com and http://www.o.co) regularly posts information about the company and other related matters under Investor Relations on its website.
O, Overstock.com, O.com, O.co, Club O, Main Street Revolution, Worldstock Fair Trade, Worldstock, and OVillage are registered trademarks. O.biz, Club O Dollars, and OGlobal are trademarks of Overstock.com, Inc. The Overstock.com, Club O, and Worldstock Fair Trade logos are also registered trademarks of Overstock.com, Inc. Other service marks, trademarks and trade names which may be referred to herein are the property of their respective owners.
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements include all statements about whether or how the Company may repurchase shares under the repurchase program or how many shares, if any, the Company may repurchase, and include all statements other than statements of historical fact. Additional information regarding factors that could materially affect results and the Company's ability or willingness to repurchase any shares may be found in the Company's Form 10-Q for the quarter ended March 31, 2015, which was filed with the SEC on April 29, 2015 and any subsequent filings with the SEC.