UNION,
N.J., Jan. 19, 2023 /PRNewswire/ -- Bed Bath
& Beyond Inc. (Nasdaq: BBBY), today announced that it received
a notice (the "Notice") on January 12,
2023 from The Nasdaq Stock Market LLC ("Nasdaq") stating
that the Company is not in compliance with the requirements for
continued listing under Nasdaq Listing Rule 5250(c)(1) (the
"Listing Rule") because the Company has not yet filed its Quarterly
Report on Form 10-Q for the period ended November 26, 2022 (the
"Quarterly Report") with the Securities and Exchange Commission
(the "SEC").
The Notice has no immediate effect on the listing or trading of
the Company's common stock on the Nasdaq Global Select
Market. The Notice states that the Company has 60 calendar
days from the date of the Notice, or March
13, 2023, to submit a plan to regain compliance with the
Listing Rule. If Nasdaq accepts the Company's plan to regain
compliance, then Nasdaq may grant the Company up to 180 calendar
days from the prescribed due date of the Quarterly Report, or
July 10, 2023, to file the Quarterly
Report to regain compliance.
The Company continues to work diligently to finalize its
Quarterly Report and plans to file its Quarterly Report as promptly
as possible to regain compliance with the Listing Rule.
This announcement is made in compliance with Nasdaq Listing Rule
5810(b), which requires prompt disclosure of receipt of a
deficiency notification.
About the Company
Bed Bath & Beyond Inc. and subsidiaries (the "Company") is
an omnichannel retailer that makes it easy for our customers to
feel at home. The Company sells a wide assortment of merchandise in
the Home, Baby, Beauty and Wellness markets. Additionally, the
Company is a partner in a joint venture which operates retail
stores in Mexico under the name
Bed Bath & Beyond.
The Company operates websites at bedbathandbeyond.com,
bedbathandbeyond.ca, buybuybaby.com, buybuybaby.ca,
harmondiscount.com, and facevalues.com.
Forward-Looking Statements
This press release contains a number of forward-looking
statements. Words such as "expect," "will," "working," "plan" and
variations of such words and similar future or conditional
expressions are intended to identify forward-looking statements.
These forward-looking statements include, but are not limited to,
statements regarding the Company's beliefs and expectations
relating to the filing of its Quarterly Report and to the Company's
ability to regain compliance with the Nasdaq Listing Rule. These
forward-looking statements are not guarantees of future results and
are subject to a number of risks and uncertainties, many of which
are difficult to predict and beyond the Company's control.
Important factors that may cause actual results to differ
materially from those in the forward-looking statements include,
but are not limited to, a material delay in the Company's financial
reporting, including the possibility that the Company will not be
able to file its Quarterly Report within the next several days, the
Company's independent auditor's ability to finalize its review of
the unaudited consolidated financial statements of the Company and
the Quarterly Report in a timely manner, the Company's ability to
respond in a timely and satisfactory manner to the inquiries by
Nasdaq, the Company's ability to regain compliance with the Nasdaq
Listing Rule, the Company's ability to become current with its
reports with the SEC and other factors described more fully in the
Company's periodic filings with the SEC. The Company
disclaims and does not undertake any obligation to update or revise
any forward-looking statement in this press release, except as
required by applicable law or regulation.
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SOURCE Bed Bath & Beyond Inc.