Bed Bath & Beyond Reveals Receipt Of Additional Proceeds From Equity Offering

• Bed Bath & Beyond Inc (NASDAQ: BBBY) has received approximately $135 million in gross proceeds, for a cumulative total of $360 million through Mar. 7, 2023, upon exercise of preferred stock warrants issued in its previously announced public equity offering.

• On Feb. 7, 2023, the company completed an underwritten public offering that raised initial gross proceeds of $225 million, enabling the company to receive up to an additional $800 million.

• The company has used proceeds received to date to repay outstanding revolving loans, creating additional liquidity opportunities to support business operating activities.

• “Over the past month, we have been rebuilding our financial and operational positioning to execute our customer-focused turnaround plans,” said CEO Sue Gove.

• “Since closing our equity financing last month, we have engaged with suppliers to improve our inventory positioning and we have continued to optimize our brick-and-mortar footprint through store closures to align with customer preference.”

• In connection with the foregoing, the company entered into a waiver and amendment to its Credit Agreement.

• Also Read: Here’s How Much Warren Buffett Makes In Apple Dividends Annually

• Price Action: BBBY shares are trading lower by 3.18% at $1.30 on the last check Wednesday.

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