BED BATH & BEYOND INC false 0000886158 0000886158 2023-03-22 2023-03-22

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 22, 2023

 

 

BED BATH & BEYOND INC.

(Exact name of registrant as specified in its charter)

 

 

 

New York   0-20214   11-2250488
(State or other jurisdiction
of incorporation)
  (Commission
File Number)
  (I.R.S. Employer
Identification No.)

650 Liberty Avenue, Union, New Jersey

(Address of principal executive offices)

07083

(Zip Code)

(908) 688-0888

(Registrant’s telephone number, including area code)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading
Symbol(s)

 

Name of each exchange
on which registered

Common Stock, par value $0.01 per share   BBBY  

The Nasdaq Stock Market LLC

(Nasdaq Global Select Market)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 


Item 8.01.

Other Events.

On March 22, 2023, Bed Bath & Beyond Inc. (the “Company”) entered into a letter agreement (the “Agreement”) relating to that certain Warrant to Purchase Series A Convertible Preferred Stock, initially dated as of February 7, 2023 (as amended or otherwise modified from time to time, the “Warrant”), No. PW-001, issued by the Company to an institutional investor (the “Holder”). Pursuant to the Agreement, for the period commencing on 9:00 A.M., New York City time on March 20, 2023, through, and including, 9:00 AM, New York City time on April 3, 2023 (the “Limited Waiver Period”), the Holder waived the occurrence of any Price Failure (as defined in the Warrant) that has occurred or may occur during the Limited Waiver Period (the “Limited Waiver”). The Limited Waiver will cease to be of further force and effect after 9:00 AM, New York City time on April 3, 2023.

The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Agreement, a copy of which is filed as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.


Item 9.01.

Financial Statements and Exhibits.

(d) Exhibits

 

Exhibit
No.
   Description of Exhibit
99.1    Letter Agreement, dated as of March 22, 2023, relating to the Warrant to Purchase Series A Convertible Preferred Stock, initially dated as of February 7, 2023 (as amended by the Preferred Warrant Amendments, dated as of March 13, 2023), No. PW-001, issued by Bed Bath & Beyond Inc. to HBC Investments LLC.
104    Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

3


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:    March 23, 2023

 

BED BATH & BEYOND INC.

(Registrant)

By:

 

/s/ David M. Kastin

By:

 

David M. Kastin

Title:

 

Executive Vice President,

Chief Legal Officer & Corporate Secretary

Exhibit 99.1

Bed Bath & Beyond Inc.

650 Liberty Avenue

Union, New Jersey 07083

March 22, 2023

VIA ELECTRONIC MAIL

HBC Investments LLC

c/o Hudson Bay Capital Management LP

28 Havemeyer Place, 2nd Floor

Greenwich CT 06830

 

  RE:

Preferred Warrant Waiver

Ladies and Gentlemen:

Reference is made to that certain Warrant to Purchase Series A Convertible Preferred Stock, as initially dated February 7, 2023 (as amended, the “Warrant”), No. PW-001, issued by Bed Bath & Beyond Inc., a New York corporation (the “Company”) to HBC Investments LLC (the “Holder”). Capitalized terms not defined herein shall have the meaning as set forth in the Warrant.

Effective as of the time both the Company and the Holder shall have duly executed and delivered this letter, for the period commencing on 9:00 A.M., New York City time on March 20, 2023, through, and including, 9:00 AM, New York City time on April 3, 2023 (the “Limited Waiver Period”), the Holder hereby waives the occurrence of any Price Failure that has occurred or may occur during such Limited Waiver Period (the “Limited Waiver”). For the avoidance of doubt, the Limited Waiver shall cease to be of further force and effect after 9:00 AM, New York City time on April 3, 2023.

The waiver is limited to the term of the Warrant explicitly waived in accordance herewith and should not be construed as an indication that the Holder would be willing to agree to any future amendments, modifications to, consent of, or waiver of any of the terms of the Warrant, or any other agreement, instrument or security or any amendments, modifications to, consents of, or waiver of any breach or any Equity Conditions Failure that may exist or occur thereunder.

Except as otherwise expressly provided herein, each Transaction Document is, and shall continue to be, in full force and effect and is hereby ratified and confirmed in all respects.

The Company hereby represents and warrants to the Holder that, by no later than 9:30 AM Eastern Time on March 23, 2023, the Company shall have disclosed all material, non-public information (if any) provided up to such time by the Company or any of its Subsidiaries or any of their respective officers, directors, employees or agents by the filing of a Current Report on Form 8-K disclosing the existence of this letter. In addition, the Company acknowledges and agrees that any and all confidentiality or similar obligations under any agreement with respect to the transactions contemplated hereby, whether written or oral, between the Company, any of its Subsidiaries or any of their respective officers, directors, affiliates, employees or agents, on the one hand, and any of the Holder or any of its affiliates, on the other hand, have terminated.


This letter may not be changed, modified or altered except by an agreement in writing, signed by the Company and the Holder.

This letter will be governed by, and interpreted and enforced in accordance with, the laws of the State of New York. Each party hereto irrevocably submits to the non-exclusive jurisdiction of the courts of the State of New York with respect to any matter arising hereunder or related hereto. The parties to this letter hereby irrevocably and unconditionally waive any objection to the laying of venue of any action, suit or proceeding arising out of this letter or the matters contemplated hereby in the courts of the State of New York and hereby further irrevocably and unconditionally waive and agree not to plead or claim in any such court that any such action, suit or proceeding so brought has been brought in an inconvenient forum.

The invalidity or unenforceability of any provision or covenant of this letter shall not affect the validity or enforceability of any other provision or covenant hereof, and any such invalid provision or covenant shall be deemed to be severable.

This letter shall be construed without regard to the party or parties responsible for the preparation of same and shall be deemed as prepared jointly by the parties. Any ambiguity or uncertainty existing herein shall not be interpreted or construed against any party.

The parties agree to execute and deliver such further instruments, and to take such further actions, as may be reasonably necessary or proper to effectuate and carry the purposes of this letter.

This letter may be executed in counterparts, facsimile and/or PDF copies shall be deemed to be originals, and counterparts together constitute one and the same instrument.

 

2


Please confirm your agreement to the foregoing by signing a copy of this letter in the space indicated below.

 

Very truly yours,
BED BATH & BEYOND INC.
By:  

/s/ Sue Gove

Name:   Sue Gove
Title:   President and Chief Executive Officer

ACKNOWLEDGED AND AGREED,

as of the date first written above:

 

HBC INVESTMENTS LLC
By:  

/s/ Richard Allison

Name:   Richard Allison
Title:   Authorized Signatory,

Hudson Bay Capital Management LP

not individually, but solely as

Investment Advisor to HBC Investments LLC

 

3

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