Further Facilitates up to $100 Million Funding in April 2023, for Cumulative Total of $460 Million To Date
UNION,
N.J., March 14, 2023 /PRNewswire/ -- Bed Bath
& Beyond Inc. (Nasdaq: BBBY) today announced an amendment to
its warrants to purchase Series A Convertible Preferred Stock
previously issued on February 7,
2023. Under the amendment, the Company is temporarily
adjusting the Price Failure threshold ("Price Failure") to
$1.00 until April 3, 2023. In addition, the Threshold
Share Amount referenced in the Price Failure definition is
increased to 24,739. This amendment will further facilitate
up to $100 million of additional
funding in April 2023, for a
cumulative total of $460 million to
date.
Sue Gove, President & CEO of
Bed Bath & Beyond Inc. said, "The funding we have raised over
the past month has supported our ongoing operations and enabled us
to begin reinvesting in valuable inventory to fulfill customer
demand. We will continue to consider thoughtful and essential
actions that can enhance our business operations and accelerate
results for customers, associates, suppliers and shareholders over
the long-term."
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.
The Company operates websites at bedbathandbeyond.com and
buybuybaby.com.
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 include, but are not limited to,
statements regarding the Company's ability to use current and
future financing sources, including receipt of the full amount of
gross proceeds from the Company's previously announced financing
transactions, and the anticipated use of proceeds therefrom as well
as the Company's ability to comply with its obligations under its
credit agreement and successfully execute its turnaround plans.
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, the uncertainties related to market
conditions and the receipt of the full amount of gross proceeds
from such financing transactions on the anticipated terms or at
all, the Company's ability to use proceeds from such financing
transactions to pay down outstanding debt obligations and operate
its business; risks related to the failure to receive the full
amount of gross proceeds from such financing transactions,
including as a result of the failure of an equity condition to
future funding, which the Company expects will likely force it to
file for bankruptcy protection; 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