Bed Bath & Beyond (BBBY) filed for an offering of up to about 6.9 million common shares after issuing warrants as a special dividend to its existing stockholders, a filing with the US Securities and Exchange Commission showed Wednesday.
The company said it expects to net up to $106.7 million if all warrants are fully exercised, and plans to use the funds for general corporate purposes.
According to the filing, the company distributed on Tuesday one warrant for every 10 shares, or a total of about 6.9 million warrants to buy an equal number of shares. Shareholders had the option to exercise these warrants at $15.50 apiece on Tuesday, the company said.
Shares of the company were down more than 1% in recent premarket activity Wednesday.