The massively popular meme stock appears to be weeks away from being deemed worthless, but shares of Bed Bath & Beyond are still trading in extremely high volumes.
On August 16, according to Nasdaq data, more than 15 million shares of the struggling home retailer were traded. The retailer filed for Chapter 11 bankruptcy in late April and started closing its brick-and-mortar stores in recent months after numerous cash-raising initiatives failed to keep the company afloat.
Overstock purchased its intellectual property at auction, adopted the Bed Bath & Beyond brand, and reopened the company as an online-only shop earlier this month. In an effort to capitalise on the well-known brand, it also aims to modify the present OSTK stock ticker to BBBY and adopt the company’s stock ticker. The actual storefronts of the original business have been shut down, and its assets will be sold.
The corporation warned that trading in its stock during the active Chapter 11 lawsuits was “extremely speculative and creates substantial risks” in its SEC filing from April.
Source (CNBC)