Despite Patrick Byrne stepping down from his helm at Overstock over a month ago, the drama surrounding the name continues to play out like a soap opera. Following Patrick’s $90 million sell-off of company stock, the company has releas...
Despite Patrick Byrne stepping down from his helm at Overstock over a month ago, the drama surrounding the name continues to play out like a soap opera. Following Patrick’s $90 million sell-off of company stock, the company has released several disappointing press releases, leading many speculators to cry of foul play.
Sequence of events:
- September 16-18 Byrne sells his remaining Overstock shares over the three day period for total proceeds of $90 million
- September 17 – Greg Iverson, Overstock CFO, resigns without a separation agreement
- September 23 – Company announces Iverson’s resignation and lowers guidance for 3Q19
- September 24 – Company files an S-3 automatic shelf registration, a similar play as last year before they sold 5.8 million shares in an ATM public offering
Between September 16 and September 18, Byrne sold his 4.7 million shares at an average price of $19.15 for total proceeds of $90 million.
Join Genesis now and continue reading, Overstock’s wild ride continues as investors cry of foul play!
source https://www.tokentalk.co/The Block/overstocks-wild-ride-continues-as-investors-cry-of-foul-play-5d91ef318c52385135d70ccd
No comments:
Post a Comment