BBBY Up after Capital Raise in Equity Offering

Shares of Bed Bath & Beyond (NASDAQ: BBBY) ticked higher in pre-market trading after the domestic merchandise retailer disclosed that it has raised around $48.5 million as a part of its “at-the-market” offering program with B. Riley Securities.

This amount was raised through the sale of around 100.1 million shares as of April 10 and the net proceeds will be used to satisfy conditions as a part of the amended credit agreement. BBBY is aiming to raise $300 million by April 26 to avoid bankruptcy. In addition, B. Riley Principal Capital II also resold up to 111.74 million shares of BBBY common stock.

BBBY stock has gained by 6.4% over the past five trading sessions.