As it winds down operations, Bed Bath & Beyond has announced that it was notified by the Nasdaq Listing Qualifications Department that the market had determined to delist the company’s common stock although trading will continue temporarily.
Bed Bath & Beyond also announced the cancellation of its special meeting of shareholders that was scheduled for May 9, a meeting that was supposed to include a vote on a reverse stock split, which would be a moot point once the stock is delisted.
The company’s commencement of voluntary proceedings under Chapter 11 of the United States Bankruptcy Code prompted Nasdaq’s action. The market informed Bed Bath & Beyond that it would suspend trading in its common stock at the opening of business on May 3, the company noted.
As part of the meeting cancellation, Bed Bath & Beyond also is withdrawing from consideration the reverse stock split proposals set forth in the company’s proxy statement filed with the U.S. Securities and Exchange Commission on April 5.
Bed Bath & Beyond filed for voluntary Chapter 11 protection on April 23.
