Struggling retailer’s deal with hedge fund Hudson Bay Capital Management is in jeopardy
) edged higher in midday trading Tuesday but the stock remained under $1, leaving the home goods retailer at risk of losing additional funding from hedge fund Hudson Bay Capital Management, a pivotal investor.
The company also reported late Friday shares outstanding as of March 15 of about 335 million, compared with 117 million reported in late January. That level is down from an original threshold of at least $1.25, with the amendment aimed at allowing for up to $100 million additional funding in April 2023.
“They were extended a lifeline,” but its corporate bond levels are still showing signs of distress, said Jake Dollarhide, CEO of Longbow Asset Management in Tulsa, Oklahoma.
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