Beyond Inc. dips after online retailer files for $200 mln at-the-market offering

Published 06/10/2024, 09:58 AM
© Reuters

Investing.com -- Shares in Beyond Inc. slipped in early U.S. trading on Monday after the online retailer announced that it had filed for a possible share offering via JonesTrading Institutional Services.

In a filing with the Securities and Exchange Commission, Beyond Inc. -- the firm previously known as Overstock.com (NYSE:BYON) that changed its name after acquiring bankrupt big-box chain Bed Bath & Beyond (OTC:BBBYQ) in 2023 -- said the aggregate offering price is up to $200 million.

Under the terms of its agreement with JonesTrading, Beyond Inc. noted that sales of its stock will be made "at-the-market", a deal structure in which shares are sold at the prevailing market price rather than a previously determined one.

Beyond Inc. added that proceeds from the share sale will be for "working capital and other general corporate purposes."

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