Bed Bath & Beyond plunges after receiving Nasdaq delisting notice

Bed Bath & Beyond

25/04/2023 22:59

** Shares of retailer Bed Bath & Beyond Inc  BBBY.O  down
~28% at $0.14 in extended trading
    ** Co announces it was notified by Nasdaq it had determined
to delist BBBY's common stock as a result of co's commencement
of voluntary proceedings under Chapter 11 of the United States
Bankruptcy Code
    ** "Nasdaq informs that trading in the company's common
stock would be suspended at the opening of business on May 3,
2023" - BBBY
    ** The home goods retailer also announces the cancellation
of its previously announced special meeting of shareholders that
was scheduled for May 9
    ** BBBY also says it is withdrawing from consideration all
proposals set forth in it's definitive proxy statement on
Schedule 14A filed with the SEC on April 5
    ** Co filed for bankruptcy protection on Sunday after the
home goods retailer failed to secure funds to stay afloat, and
said it had begun a liquidation sale
    ** Up to Tuesday's close, stock had fallen nearly 99% in
past 12 months

 (Reporting by Granth Vanaik in Bengaluru)
 ((Granth.Vanaik@thomsonreuters.com; Twitter: https://twitter.com/Vanaik_Granth))