BBBY To Decide on Reverse Stock Split on May 9
Shares of home products provider Bed Bath & Beyond $Bed Bath & Beyond Inc (BBBY.US)$ are in focus today after the company announced a special shareholders’ meeting on May 9 for voting on a reverse share split.
The reverse stock split will be in the range of 1-for-10 to 1-for-20. The ratio will remain at the discretion of the company’s board. Further, the company has fixed March 27 as the record date for the vote. This means BBBY investors of record as of March 27 will be eligible to vote at the meeting.
Yesterday, BBBY also announced a merchandise lifeline worth $120 million. Earlier this week, the company’s former CEO Mark Tritton sued it alleging BBBY did not honor their $6.76 million severance agreement.
Overall, the Street has a $1.15 consensus price target on BBBY implying a hefty 241.15% potential upside. That’s after a 98% nosedive in the stock over the past year. Simultaneously, short interest in BBBY shares still remains high at about 19.4% at present.
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