Overstock.com, Inc. (NASDAQ: OSTK) experienced a notable decline of 9.55% during the weekend session, ultimately concluding the trading period at a valuation of $13.93. This reduction came even after an insider buying.
The director of Overstock.com, Lemonis Marcus, expressed his faith in the business by purchasing 40,293 OSTK shares on Friday. This transaction took place at a price of $14.79 per share, amounting to a total investment of $595,933. Following this, the director's total OSTK shares now amount to 147,293.
Overstock.com, currently operating as Bed Bath & Beyond, is set to undergo a significant name change. This transformation will occur on November 6, 2023, when the company will adopt the name Beyond, Inc. Alongside this corporate rebranding, OSTK will move its stock listing from the Nasdaq Global Market (NASDAQ) to the New York Stock Exchange (NYSE) and change its ticker symbol from OSTK to BYON.
Following this name change, Beyond, Inc. will continue its furniture and home furnishings e-commerce activities under the Bed Bath & Beyond brand. On June 28, 2023, Overstock.com, Inc. acquired the Bed Bath & Beyond brand and its associated intellectual property.
The company rebranded to Bed Bath & Beyond in Canada on June 29, 2023, with the launch of bedbathandbeyond.ca which previously was overstock.ca. Subsequently, bedbathandbeyond.com and the brand's new mobile app were introduced in the United States on August 1, 2023.
Presently, the new brand offers a diverse selection of top-notch, fashionable home products at competitive prices. Overstock.com, Inc. will conclude its listing on NASDAQ a close of the market on Friday, November 3, 2023. On Monday, November 6, 2023, Beyond, Inc. will begin trading on the NYSE with the BYON ticker symbol. To mark this transition, representatives of Beyond, Inc. will also ring the NYSE Opening Bell at 9:30 AM ET on that day.
The decision to rebrand the company as Beyond, Inc. positions it favorably for a promising future, as OSTK embarks on the journey of reshaping its consumer image. This new corporate identity is expected to facilitate the company's outreach to millions of new customers, leveraging its advantageous and distinct asset-light e-commerce business model.