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
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.
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source https://www.tokentalk.co/The Block/overstocks-wild-ride-continues-5d91e7b18c52385135d70cc5
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