Bed Bath & Beyond wants to raise $300 million in a stock offering but needs shareholders to approve a reverse stock split at a May 9 meeting to make it happen.
The retailer's board is calling on shareholders to approve the reverse stock split at the May 9 meeting so it can have enough shares available to raise up tohave been hampered by its dwindling stock price, which has been on a precipitous decline and has been trading under $1 for the last few weeks. Shares of Bed Bath were trading around 30 cents Thursday morning, giving the company a market value of about $132 million.
The reverse split could also boost Bed Bath's per-share price, which the company expects could improve perception of its stock and attract more investors.
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