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Overstock.com has successfully completed the conversion of its Digital Voting Series A-1 Preferred Stock (OSTKO) and Voting Series B Preferred Stock (OSTBP) into common stock (NASDAQ:OSTK), simplifying its capital structure.
The conversion moved from three classes of stock to a single class, fulfilling investor demands. As of June 10, 2022, the preferred stocks ceased trading, and the common shares are now available through the company's transfer agent.
Overstock.com (NASDAQ:OSTK) announced shareholder voting results from its annual meeting on May 12, 2022. Shareholders re-elected Barbara H. Messing, Robert J. Shapiro, and Joseph J. Tabacco to the Board of Directors. Additionally, they approved the conversion of Series A-1 (OSTKO) and Series B (OSTBP) preferred stock into common stock (OSTK), simplifying the company's capital structure. The conversion process will begin and is expected to be finalized by June 10, 2022, when the preferred shares will cease trading. KPMG LLP was ratified as the independent auditor for fiscal year 2022.