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Why Bed Bath & Beyond Shares Are Plunging Today

Bed Bath & Beyond Inc (NASDAQ:BBBY) plans to hold a special meeting of shareholders to seek approval to amend…
byShivani Kumaresan
March 20, 2023
1 minute read
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  • Bed Bath & Beyond Inc (NASDAQ:BBBY) plans to hold a special meeting of shareholders to seek approval to amend the company’s Amended and Restated Certificate of Incorporation.
  • The amendment is to effect, at the discretion of the Board of Directors, a reverse stock split of the company’s common stock at a ratio of 1-for-5 to 1-for-10.
  • The ratio is to be determined at the discretion of the Board. 
  • Also Read: Bed Bath & Beyond Reveals Receipt Of Additional Proceeds From Equity Offering
  • Holders of record of the shares as of the close of business on March 27, 2023 will be entitled to notice of and to vote at the special meeting. 
  • “Our proposal for a reverse stock split will enable us to continue rebuilding liquidity to execute our turnaround plans and better position the Company financially,” said President and CEO Sue Gove.
  • Price Action: BBBY shares are trading lower by 16.41% at $0.8610 in premarket on the last check Monday.
 
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