BBBY - Bed Bath & Beyond receives shareholders inquiries on naked short selling

2023-04-10 09:52:02 ET

Bed Bath & Beyond ( NASDAQ: BBBY ) said Monday it has received several inquiries from shareholders regarding "naked short selling" and that it has no specific information at the moment regarding any share lending or short selling transactions.

"The company has received several inquiries from shareholders regarding "naked short selling. [...] While the company is unable to confirm such activity, the company denounces any market manipulation of its stock," BBBY said in a statement.

The comments come as the troubled home goods retailer seeks shareholder approval for a reverse stock split "to continue raising necessary capital" to fund operations and service obligations under its credit agreement. It currently owes around $101.5M under its credit facilities and have approximately $11.5M available to borrow, according to the latest filing.

In addition, Bed Bath ( BBBY ) said it received requests for the number of directly registered shares and that it aims to release this information in future once it can confirm an approximate count.

There were 428,098,624 BBBY shares outstanding as of March 27, 2023, the record date for the special meeting of shareholders that is scheduled for May 9, 2023.

BBBY shares were trading -4% shortly before 10 a.m. ET. Stock has lost over 98% in value over the past year

For further details see: