Why Bed Bath & Beyond (BBBY) Shares Are Plunging Today

Bed Bath & Beyond Inc BBBY plans to hold a special meeting of shareholders to seek approval to amend the company's Amended and Restated Certificate of Incorporation.
The amendment is to effect, at the discretion of the Board of Directors, a reverse stock split of the company's common stock at a ratio of 1-for-5 to 1-for-10.
The ratio is to be determined at the discretion of the Board.
Also Read: Bed Bath & Beyond Reveals Receipt Of Additional Proceeds From Equity Offering
Holders of record of the shares as of the close of business on March 27, 2023 will be entitled to notice of and to vote at the special meeting.
"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,” said President and CEO Sue Gove.
Price Action: BBBY shares are trading lower by 16.41% at $0.8610 in premarket on the last check Monday.

Why Bed Bath & Beyond Shares Are Plunging Today