Bed Bath & Beyond Inc (NASDAQ:BBBY) shares are trading lower by 8.73% to $4.54 Friday morning after the company announced a common stock offering of up to $150 million.
What Else?
Per a press release from the company, Bed Bath & Beyond today announced that it filed a prospectus supplement registering additional shares of its common stock available for sale under the company’s existing at the market offering (ATM) program with a maximum aggregate offering amount of up to $150 million.
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Bed Bath & Beyond says the ATM Program initially launched on August 31, 2022. Pursuant to the ATM Program, the company previously sold an aggregate of 12,000,000 Shares for aggregate gross proceeds of approximately $75 million.
Bed Bath & Beyond says the potential net proceeds from the additional issuance and sale of shares are intended to be used for general corporate purposes, including to drive immediate strategic priorities such as rebalancing the company’s assortment and inventory, and addressing the company’s debt.
According to data from Benzinga Pro, BBBY has a 52-week high of $30.06 and a 52-week low of $4.26.
