Bed Bath & Beyond shares dropped after the retailer turned meme stock said in a filing it would sell shares of an undisclosed amount.
The shares dropped 19% in premarket trading.
“We may offer, issue and sell shares of our common stock from time to time,” the company said in the filing to the SEC. Under the shelf process which it’s filing, the company can sell the securities listed in one or more offerings.
“Each time we offer securities, we will provide a prospectus supplement that will contain specific information about the terms of that offering,” the filing said.
The filing comes just hours before Bed Bath & Beyond is expected to outline a turnaround plan Wednesday in an attempt to win back the confidence of shoppers, investors and suppliers.
This is a developing story. Check back for updates.