Cleary Gottlieb represented Bed Bath & Beyond Inc. (Bed Bath & Beyond) in refreshing its existing at-the-market equity (ATM) program by registering additional shares of its common stock for sale, with such shares having a maximum aggregate offering amount of up to $150 million.
Cleary has previously represented Bed Bath & Beyond in establishing its ATM program. Under the program, Bed Bath & Beyond may sell shares of common stock from time to time on the Nasdaq through Jefferies LLC as sales agent. The program originally launched on August 31, 2022.
Bed Bath & Beyond plans to use the net proceeds of the extended program for general corporate purposes, including to drive immediate strategic priorities such as rebalancing the company’s assortment and inventory, and addressing the company’s debt.
Bed Bath & Beyond and subsidiaries is an omnichannel retailer that makes it easy for its customers to feel at home. Bed Bath & Beyond sells a wide assortment of merchandise in the home, baby, beauty, and wellness markets. Additionally, Bed Bath & Beyond is a partner in a joint venture that operates retail stores in Mexico under the name Bed Bath & Beyond.