Bed Bath & Beyond stock up on special dividend of warrants

Bed Bath & Beyond (NYSE:BBBY [https://seekingalpha.com/symbol/BBBY]) stock was surging as the ecommerce-focused retailer announced [https://seekingalpha.com/pr/20239583-bed-bath-and-beyond-inc-announces-dividend-of-warrant-to-shareholders] on Monday a special dividend of warrants to shareholders.

Shares were +5.46% pre-market to $10.04.

The dividend is set to be distributed in the form of warrants to shareholders on record as of October 2. Each registered shareholder will receive one warrant for every ten shares of the company.

The warrants are expected to be distributed on or around Tuesday, October 7.

Each warrant entitles the holder to purchase one share at an exercise price of $15.50 until the warrant expires on October 7, 2026.

Following the distribution date, the warrants are expected to be freely tradable and listed on the NYSE under the ticker BBBYW.

Assuming exercise of the warrants in full, the company expects to receive up to $100M of gross proceeds.

Proceeds are intended to be used for general corporate purposes.

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