Benzinga - Bed Bath & Beyond (NASDAQ: BBBY) shares are trading lower after the Nasdaq sent a notice that it has decided to delist the stock.
What Happened: On Tuesday, Bed Bath & Beyond announced that it was notified by Nasdaq that its common stock would be delisted due to the company filing for Chapter 11 Bankruptcy. Additionally, the special meeting of shareholders, scheduled for May 9, was canceled.
Trading of the company's common stock will be suspended at the opening of business on May 3, 2023, and Bed Bath & Beyond will be withdrawing from consideration all proposals that the company set forth in the definitive proxy statement on Schedule 14A filed with the SEC on April 5.
The company previously stated that it intended to manage its inventory strategically in case it were to find a buyer for the business. If a sale were to happen, the company would implement a transaction to preserve value.
Bed Bath & Beyond Inc. and its subsidiaries is an omnichannel retailer that makes it easy for our customers to feel at home. The Company sells a wide assortment of merchandise in the Home, Baby, Beauty, and Wellness markets.
Price Action: According to data from Benzinga Pro, Bed Bath & Beyond shares were down 37.8%, trading at $0.12 at the time of publication. The stock has a 52-week high of $30.00 and a 52-week low of $0.17.
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