“Bed Bath & Beyond proposes reverse stock split as it struggles to avoid bankruptcy”
April 7, 2023
“Bed Bath & Beyond wants shareholders to approve a reverse stock split at an upcoming special meeting, as the retailer keeps working to avoid filing for bankruptcy, according to a securities filing late Wednesday.
The retailer’s board is calling on shareholders to approve the reverse stock split at the May 9 meeting so it can have enough shares available to raise up to $300 million in equity from a stock offering announced last week…
Bed Bath’s fundraising efforts have been hampered by its dwindling stock price, which has been on a precipitous decline and has been trading under $1 for the last few weeks. Shares of Bed Bath were trading around 30 cents Thursday morning, giving the company a market value of about $132 million…”
https://www.cnbc.com/2023/04/06/bed-bath-beyond-faces-bankruptcy-seeks-reverse-stock-split.html
I didn’t know it became a penny stock. I might make a couple short term plays of this… After the reverse stock split of course.