Bed, Bath & Beyond's stock under $1, snarling additional funding [Globe and Mail, The (Toronto, Canada)]
Bed Bath & Beyond Inc. (BBBY)
Last bed bath & beyond inc. earnings: 4/15 04:15 pm
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bedbathandbeyond.com
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Source: Globe and Mail, The
at risk of losing additional funding from hedge fund Hudson Bay Capital Management, a pivotal investor. Bed Bath & Beyond's stock dropped 21% on Monday to end at 81 cents after the company late Friday said it was seeking shareholder approval for a reverse stock split. After midday Tuesday, it was up 1% at 82 cents. The company also reported late Friday shares outstanding as of March 15 of about 335 million, compared with 117 million reported in late January. The struggling retailer reached an amended agreement with Hudson last week to temporarily lower the stock price threshold to $1 until April 3. That level is down from an original threshold of at least $1.25, with the amendment aimed at allowing for up to $100 million additional funding in April 2023. Bed Bath & Beyond last month said it was planning to raise some $1 billion through a complex offering of preferred stock and warrants in an effort to avoid bankruptcy. “They were extended a lifeline,” but its corporate bon
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