Overstock to issue 4 million new shares

Overstock.com Inc. OSTK, -1.33% said late Monday that it plans to issue 4 million shares of new stock. Shares in Overstock fell 10% in late trading after closing down more than 1% to $44.60 Monday. Guggenheim Securities is the sole book-running manager for the offering and has an option to add 600,000 shares to the issue. As of Monday's closing price, the offering would net $178.4 million. The company is currently under Securities and Exchange Commission investigation for its cryptocurrency focused subsidiary’s sale of digital tokens. Overstock shares are down 30% this year, as the S&P 500 index SPX, +2.72% has fallen 3.2%.