Bed Bath & Beyond Inc (NASDAQ:BBBY) shares are trading lower by 13.95% to $2.59 during Wednesday’s session on continued downward momentum following Monday’s short squeeze volatility.
Bed Bath & Beyond on Monday announced a proposed $225 million offering of Series A Convertible Preferred Stock and warrants. The company on Tuesday announced completion of the public equity offering, saying net proceeds would be immediatly used to pay ABL facility.
What Else?
Bed Bath & Beyond shares have seen marked, continued volatility throughout 2023 as the company considers strategic alternatives, including potential bankruptcy.
According to data from Benzinga Pro, BBBY stock has a total share float of 65.6 million, of which 38.55 million shares are sold short, representing 58.77% of shares sold short.
2023 has been a rollercoaster year for shares of the domestic merchandise retailer: amid short squeeze volatility and bankruptcy concerns, and during Monday’s short squeeze before the offering announcement, BBBY had jumped a massive 318.31% in the trailing month.
BBBY has a 52-week high of $30.06 and a 52-week low of $1.27.
