BBBY - Bed Bath & Beyond to hold special vote on reverse split proposal

2023-04-06 05:11:13 ET

Bed Bath & Beyond ( NASDAQ: BBBY ) plans to hold a virtual special shareholder meeting on May 9, 2023 to seek approval on its reverse stock split proposal.

According to a regulatory filing , the troubled home retailer is urging shareholders to vote on proposals for a reverse stock split of its common stock, par value $0.01 per share, at a ratio in the range of 1- for-10 to 1-for-20, and the adjournment of the special meeting to permit further solicitation of additional proxies if there are insufficient votes to approve the reverse split plan.

The board has fixed the close of business on March 27, 2023 as the record date for the determination of shareholders entitled to notice of, and to vote at, the special meeting or any postponement or adjournment thereof.

Bed Bath & Beyond ( BBBY ) is looking to raise equity capital to have the necessary cash resources 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, the filing suggests.

On Wednesday, BBBY stock slid despite announcing a $120M vendor consignment program . Shares were up around 5% premarket in Thursday's premarket session

Read why Bed Bath & Beyond Is Most Likely Headed Into Bankruptcy Given The Latest SEC Filings

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