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.
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Price Action: BBBY shares are trading lower by 3.18% at $1.30 on the last check Wednesday.
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This article Bed Bath & Beyond Reveals Receipt Of Additional Proceeds From Equity Offering originally appeared on Benzinga.com
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