Bed Bath & Beyond Inc said on Monday it was planning to raise some $1 billion through an offering of preferred stock and warrants, in a last-ditch effort to stave off bankruptcy.
A shopping cart is seen at a Bed Bath & Beyond store in Manhattan, New York City, U.S., June 29, 2022. REUTERS/Andrew Kellysaid on Monday it was planning to raise some $1 billion through an offering of preferred stock and warrants, in a last-ditch effort to stave off bankruptcy.on a loan, raising concerns about its future.
Shares of the retailer, which closed up 92.1% at $5.86 in a roller-coaster session, were down 33.5% in extended trading. Bed Bath said it was planning to raise about $225 million through an offering of Series A convertible preferred stock and an additional $800 million by issuing securities to buy shares of preferred stock in future installments.
The retailer said in a securities filing it would "likely file for bankruptcy protection" if the transactions are not consummated. Bed Bath will receive a waiver on its recent bank default should the proposed offering succeed, the company said.
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