Shares of Bed Bath & Beyond (NASDAQ: BBBY) ticked higher in pre-market trading after the domestic merchandise retailer disclosed that it has raised around $48.5 million as a part of its “at-the-market” offering program with B. Riley Securities.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
This amount was raised through the sale of around 100.1 million shares as of April 10 and the net proceeds will be used to satisfy conditions as a part of the amended credit agreement. BBBY is aiming to raise $300 million by April 26 to avoid bankruptcy. In addition, B. Riley Principal Capital II also resold up to 111.74 million shares of BBBY common stock.
BBBY stock has gained by 6.4% over the past five trading sessions.