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Bed Bath & Beyond (NASDAQ:BBBY) sold off into the close after Ryan Cohen’s RC Ventures filed a Form 144 with the SEC to sell his 9,450,100 shares starting on 08/16/22.
This is equal to about 9.8% of the shares outstanding and is the amount of stock owned by Mr. Cohen via a February 24, 2022, SEC filing.
According to the filing, it represents the potential sale of up to 7,780,000 common stock and the following call options: 11,257 BBBY CALLS 01/20/23 @ $60, 5,000 BBBY CALLS 01/20/23 @ $80, 444 BBBY CALL 01/20/23 @ $175.
The shares will be sold via JPMorgan.
The sale comes as a surprise as Mr. Cohen had been working with the board to turn around the company. Also, Cohen’s stake has been a driver for the recent short squeeze and meme-stock rally in the name.
