BBBY - Bed Bath & Beyond raises $48.5M in equity offering

2023-04-12 06:08:19 ET

• Bed Bath & Beyond ( NASDAQ: BBBY ) shares rose premarket on Wednesday after the home goods retailer disclosed that it has raised around $48.5M under its "at-the-market" offering program with B. Riley Securities.
• The amount were raised through the sale of 100.1M shares as of April 10, 2023, as per a regulatory filing . The net proceeds have been used to satisfy conditions pursuant to the amended credit agreement for the testing period ending April 11, 2023.
• The troubled retailer seeks to raise $300M by April 26, 2023 to avert bankruptcy.
• In addition, the filing disclosed the resale of up to 111.74M shares of BBBY common stock by holder B. Riley Principal Capital II. The CEF shares included in the prospectus consist of shares that the company must issue or that it may elect to issue and sell to BRPC II, from time to time after the date of the prospectus, according to the filing.
• BBBY shares gained up to 5.2% premarket, but have lost 98% over the past year

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