UNION,
N.J., March 30, 2023 /PRNewswire/ -- Bed Bath
& Beyond Inc. (Nasdaq: BBBY) (the "Company") announced today
that it filed a prospectus supplement with the U.S. Securities and
Exchange Commission ("SEC") under which it may offer and sell up to
$300 million of shares of its common
stock from time to time through an "at-the-market" offering program
("ATM Program") with a maximum aggregate offering amount of up to
$300 million. The timing and
amount of any sales will be determined by a variety of factors
considered by the Company.
Common Stock will be offered through B. Riley Securities Inc.
("B. Riley"), which is serving as the sales agent. B. Riley may
sell Common Stock by any lawful method deemed to be an
"at-the-market offering" defined by Rule 415(a)(4) of the
Securities Act of 1933, as amended, including without limitation,
sales on any existing trading market. Sales may be made at market
prices prevailing at the time of a sale or at prices related to
prevailing market prices. As a result, sales prices may vary.
The Company's prospectus supplement filed today supplements
information contained in the accompanying prospectus contained in
the shelf registration statement on Form S-3 (File No. 333-267173)
for the offering of Common Stock. Potential investors should review
the prospectus, the prospectus supplement and all other related
documents that the Company has filed with the SEC for complete
corporate information, including information pertaining to the ATM
Program and the risks associated with investing in the Company.
Investors can obtain copies of the prospectus supplement and the
accompanying prospectus by visiting the SEC's website
at www.sec.gov. Alternatively, potential investors may contact
B. Riley, who will arrange to provide them these documents, by
telephone at (703)-312-9580 or by email at
prospectuses@brileyfin.com.
Please note that this press release is for informational
purposes only and it does not represent an offer to sell or the
solicitation of an offer to buy any of the Company's Common Stock.
In no event will the Company sell more than $300 million of shares of Common Stock under the
ATM Program. There will be no sale of Common Stock in any
jurisdiction in which one would be unlawful.
About the Company
Bed Bath & Beyond Inc. and subsidiaries (the "Company") is
an omnichannel retailer that makes it easy for our customers to
feel at home. The Company sells a wide assortment of merchandise
primarily in the Home and Baby markets. Additionally, the Company
is a partner in a joint venture which operates retail stores in
Mexico under the name Bed Bath
& Beyond.
Forward-Looking Statements
This press release contains a number of forward-looking
statements. Words such as "expect," "will," "working," "plan" and
variations of such words and similar future or conditional
expressions are intended to identify forward-looking statements.
These forward-looking statements reflect the Company's current
views with respect to, among other things, future events. These
forward-looking statements are not guarantees of future results and
are subject to a number of risks and uncertainties, many of which
are difficult to predict and beyond the Company's control.
Important factors that may cause actual results to differ
materially from those in the forward-looking statements include,
but are not limited to, ATM Offering and the use of proceeds
therefrom; the price of our Common Stock at any given time;
risks related to the failure to receive the full amount of gross
proceeds from the Company's financing transactions; the Company's
ability to maintain access to its credit agreement; the Company's
ability to deliver and execute on its turnaround plans; the
Company's potential need to seek additional strategic alternatives,
including restructuring or refinancing of its debt, seeking
additional debt or equity capital, reducing or delaying its
business activities and strategic initiatives, or selling assets,
other strategic transactions and/or other measures, including
obtaining relief under the U.S. Bankruptcy Code, and the terms,
value and timing of any transaction resulting from that process;
the Company's ability to finalize or fully execute actions and
steps that would be probable of mitigating the existence of
"substantial doubt" regarding the Company's ability to continue as
a going concern; and the Company's ability to increase cash flow to
support the Company's operating activities and fund its obligations
and working capital needs, and the other risk factors described in
the Company's filings with the SEC, including the factors set forth
under the section entitled "Risk Factors" in the Company's Annual
Report on Form 10-K for the year ended February 26, 2022, the Company's Quarterly Report
on Form 10-Q for the quarter ended August
27, 2022, the Company's Quarterly Report on Form 10-Q for
the quarter ended November 26, 2022,
Exhibit 99.3 to the Company's Current Report on Form 8-K filed on
February 6, 2023 and the Company's
Current Report on Form 8-K filed on February
7, 2023. The Company disclaims and does not undertake any
obligation to update or revise any forward-looking statement in
this press release, except as required by applicable law or
regulation.
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SOURCE Bed Bath & Beyond