(Reuters) -Bed Bath & Beyond Inc on Thursday announced plans to sell $300 million worth of its shares as the struggling retailer looks to raise more capital, and once again warned it might have to file for bankruptcy if it cannot secure the funds.
Shares of the company fell as much as 19% to a record low of 65 cents as the company said it had terminated its previous public equity offering and all outstanding warrants for Series A Convertible Preferred Stock made in February.
The embattled retailer had planned to raise around $1 billion through the offering of preferred stock and warrants to avoid bankruptcy.
Bed Bath said it had so far raised $360 million through the complex deal, repaid its loan defaults and made all interest payments for senior notes.
The latest stock offering plan comes amid a risk of losing additional funding from key investor Hudson Bay Capital Management, as the stock price continues to trade below…
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