Following the announcement by GameStop Corp. Chairman Ryan Cohen that he intends to sell a significant portion of his stock in the company just months after purchasing it, Bed Bath & Beyond Inc. shares dropped more than 18% during Wednesday’s extended session.
Shares of Bed Bath & Beyond BBBY, +11.77% closed at $23.08 in regular-session trading, up 11.8%, but ended after-hours trading down 18.3%.
Cohen’s RC Ventures announced plans to sell its stake in Bed Bath & Beyond, which amounts to 7.8 million shares owned, as well as call options that require RC to list 9.5 million shares for sale, or nearly 12% of the company’s 80 million outstanding shares, in a filing with the Securities and Exchange Commission and in a Form 144 filing.
The investment was only recently purchased in March, when shares were trading at about $16.
In June 2021, Ryan, who is also the co-founder of the online pet products retailer Chewy Inc. CHWY, -3.52%, was elected to serve as GameStop’s chairman.
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