By Wallace Witkowski
Bed Bath & Beyond Inc. shares fell more than 18% in the extended session Wednesday after GameStop Corp. Chairman Ryan Cohen disclosed he’s planning to sell his big stake in the company just months after he bought it.
Bed Bath & Beyond shares ended after-hours trading down 18.3%, following an 11.8% rally in the regular session to close at $23.08.
In a filing with the Securities and Exchange Commission and in a Form 144 filing, Cohen’s RC Ventures announced plans to sell its stake in Bed Bath & Beyond, which comes to 7.8 million shares owned, and call options that require RC to register 9.5 million shares for sale, or nearly 12% of the company’s 80 million outstanding shares.
The stake was just bought back in March , when shares were trading around $16.
Ryan, who is also co-founder of online pet-products retailer Chewy Inc. /zigman2/quotes/212690528/composite CHWY +1.81% , was voted to chair GameStop /zigman2/quotes/203755179/composite GME -6.50% in June 2021.