Bed Bath & Beyond Inc BBBY shares are trading down 6.53% to $0.40 on Monday morning. The stock is trading lower on continued downside momentum after the company recently placed $300 million in the market offering program and issued weak fourth-quarter guidance.
Bed Bath & Beyond was also sued by former CEO Friday Mark Tritton on Friday, Portal reported. According to the report, Tritton accuses the company of not honoring its $6,765,000 severance agreement.
What else?
Bed Bath & Beyond has entered into a common stock purchase agreement and additional capital registration rights agreement with B. Riley Principal Capital II LLC.
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The company also presented preliminary financial results for the fourth quarter of fiscal 2022 with net sales of approximately $1.2 billion (consensus $1.43 billion), a comparable sales decline in the range of 40% to 50%, continued negative operating losses and a modest use of free cash flow.
According to Bed Bath & Beyond, the company has not yet completed its fourth quarter and full year financial statements and plans to report its full results in late 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.