As it continues working to repair its finances, Bed Bath & Beyond has set plans for a special shareholder meeting to update the company’s Amended and Restated Certificate of Incorporation so it can execute a reverse stock split.
Holders of Bed Bath & Beyond common stock at business day’s end on March 27 would be entitled to notice of and to vote in the special meeting, according to the plan. Bed Bath & Beyond will communicate the time, location and other details regarding the special meeting at a later date via proxy materials that have been filed with, and are subject to review by, the United States Securities and Exchange Commission, the company pointed out.
In announcing the special meeting initiative, Sue Gove, Bed Bath & Beyond president and CEO, said, “Our proposal for a reverse stock split will enable us to continue rebuilding liquidity to execute our turnaround plans and better position the company financially. We look forward to engaging with shareholders and continuing to provide meaningful updates as we progress with our strategy.”