As it continues to reconstruct its finances, Bed Bath & Beyond announced an amendment to its warrants to purchase Series A Convertible Preferred Stock previously issued on February 7 under which the company is temporarily adjusting its Price Failure threshold to $1 until April 3.
In a prospectus supplement regarding the February 7 filing, registered with the United States Securities and Exchange Commission on February 9, Bed Bath & Beyond stated the price failure threshold incorporated into its current financial initiatives would be $1.25 per share. Through early afternoon March 14, the company’s shares traded between $1.31 and $1.11. If the company doesn’t meet the reduced threshold, as now amended, it would miss out on the next infusion of funds (up to $100 million in April) it expects as per those initiatives.
Sue Gove, Bed Bath & Beyond president CEO of Bed Bath & Beyond Inc. stated, “The funding we have raised over the past month has supported our ongoing operations and enabled us to begin reinvesting in valuable inventory to fulfill customer demand. We will continue to consider thoughtful and essential actions that can enhance our business operations and accelerate results for customers, associates, suppliers and shareholders over the long term.”
