Posted: March 17, 2023 5:55 PM ET
Struggling home goods retailer Bed Bath & Beyond Inc. BBBY said on Friday it plans to hold a special meeting where shareholders will vote on whether to allow the company to proceed with a business combination. shares, if its board of directors decides to do so. Shares fell 19% after hours. The shareholder approval would amend Bed Bath & Beyond’s certificate of incorporation to effect “a reverse stock split of the common stock of the company, par value $0.01 per share, at a ratio of between 1 to 5 and 1 to 10, with such ratio to be determined at the discretion of the board. The time and place of the meeting will be announced later,…
Struggling home goods retailer Bed Bath & Beyond Inc.
BBBY
said Friday it plans to hold a special meeting where shareholders will vote on whether to allow the company to proceed with a stock split, if its board decides to do so. Shares fell 19% after hours. The shareholder approval would amend Bed Bath & Beyond’s certificate of incorporation to effect “a reverse stock split of the common stock of the company, par value $0.01 per share, at a ratio of between 1 to 5 and 1 to 10, with such ratio to be determined at the board’s discretion. The time and location of the meeting will be announced at a later date, the company said. “Our proposed reverse stock split will allow us to continue to replenish cash to execute our turnaround plans and better position the company financially,” Sue Gove, chief executive of Bed Bath & Beyond, said in a statement. The company said the split would have “no effect” on its value. or proportionate shareholder ownership, and that it could “revoke the proposal and cancel the special meeting at any time if it determines that the stock consolidation is no longer in the best interests of the Company. ity and its shareholders.