Benzinga - by Chris Katje, Benzinga Staff Writer.
Leading ecommerce company Overstock.com Inc (NASDAQ: OSTK) acquired the IP and digital assets from the bankrupt Bed Bath & Beyond company in June.
The company is making several changes to better align with its acquired property.
What Happened: Since acquiring the IP from Bed Bath & Beyond, Overstock.com has shared several company updates on how it will grow the brand in the future.
On Tuesday, Overstock.com announced it will change its corporate name to Beyond, Inc. The company will also change its ticker from OSTK to BYON and transfer its common share listing from the Nasdaq to the NYSE. The changes are expected to be completed by Nov. 6, 2023.
Shares will trade on the Nasdaq as OSTSK until market close on Friday, Nov. 3, 2023. The new ticker will trade on the NYSE on Nov. 6 at market open. Beyond, Inc will ring the NYSE Opening Bell on Nov. 6 as part of the name and exchange change.
“Overstock heads into the future as beyond,” the company said Tuesday in a press release.
After the name change, the company will keep the Bed Bath & Beyond name for the consumer-facing portion of the business it acquired.
“Changing our corporate name to Beyond, Inc sets us up well for a brighter future,” CEO Jonathan Johnson said. “As we continue the process of transforming our consumer brand, our new corporate name will help us reach millions of new customers with our advantageous and differentiated, asset-light ecommerce business model.”
Johnson added that the name “Beyond” helps to emphasize the company’s commitment to new and legacy customers with a “wide assortment of products and services.”
“We expect the corporate name change to enhance the awareness of our iconic consumer brand, Bed Bath & Beyond.”
Related Link: Here's How Much Ryan Cohen Made From His Bed Bath & Beyond Stock Sales
Why It’s Important: The announcement comes only a couple of days before the company reports third-quarter financial results.
Overstock also recently made the announcement that it would add Marcus Lemonis to its Board of Directors. Lemonis is well known as the CEO of Camping World and star of “The Profit,” a show about investing in struggling businesses.
The move sent shares of Overstock higher with investor optimism that he can help with the company’s turnaround and future growth through the acquisition of Bed Bath & Beyond.
“As a CEO of a publicly traded company, he brings a wealth of experience in leadership, retail, branding and customer engagement that will complement the current board’s strength and position the company for growth and success,” Overstock’s Chairwoman Allison Abraham said.
A September update from Overstock said the company had over 4.8 million active customers over the last 12 months. The company said that website traffic had improved, and it was acquiring new customers and re-activating past customers.
OSTK Price Action: Overstock shares traded at $15.24 Wednesday, versus a 52-week trading range of $14.68 to $39.27. Shares of the ecommerce and retail company are down 19% year-to-date in 2023.
Read Next: Analyst Ratings For Overstock.com
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