BBBY - Bed Bath & Beyond amends equity offering to facilitate $100M additional funding

2023-03-14 09:37:44 ET

Bed Bath & Beyond ( NASDAQ: BBBY ) on Tuesday announced amendment to its equity offering agreement to further facilitate up to $100M of additional funding in April 2023.

The beleaguered home products retailer has made amendment to its warrants to purchase Series A convertible preferred stock previously issued in early February.

The price failure threshold has been temporarily adjusted to $1.00 until April 3, 2023, while the threshold share amount referenced in the price failure definition was raised to 24,739.

The move provides for additional funding, bringing total amount raised to $460M to date.

Sue Gove, President & CEO of Bed Bath & Beyond Inc. said, "The funding we have raised over the past month has supported our ongoing operations and enabled us to begin reinvesting in valuable inventory to fulfill customer demand.  We will continue to consider thoughtful and essential actions that can enhance our business operations and accelerate results for customers, associates, suppliers and shareholders over the long-term."

Shares of Bed Bath & Beyond ( BBBY ) have lost 94% in value over the past year.

Read why BBBY's equity offering won't be enough to turn around its failing business.

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