Bed Bath & Beyond Inc BBBY shares are trading lower by 6.53% to $0.40 Monday morning. The stock is trading lower on continued downward momentum after the company recently entered a $300 million at the market offering program and issued weak fourth-quarter guidance.
Bed Bath & Beyond was also sued on Friday by former CEO Friday Mark Tritton, Reuters reported. Tritton is accusing the company of failing to honor his $6,765,000 severance agreement, per the report.
What Else?
Bed Bath & Beyond has entered into a common stock purchase agreement and a registration rights agreement with B. Riley Principal Capital II LLC for additional capital.
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The company also provided preliminary financial results for the fiscal 2022 fourth quarter, with net sales of approximately $1.2 billion (consensus $1.43 billion), comparable sales decline in the 40% to 50% range, continuation of negative operating losses and modest free cash flow usage.
Bed Bath & Beyond says the company has not yet completed its fourth-quarter and full-year financial close and plans to provide its full results at the end of April 2023.
According to data from Benzinga Pro, BBBY has a 52-week high of $30.00 and a 52-week low of $0.40.
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