So, why is BBBYQ on anyone’s radar? Likely it’s because a major former investor and Bed Bath & Beyond’s one-time executive chair, Ryan Cohen, was named CEO of GameStop (NYSE:GME) today.
BBBYQ stock is slated to be “canceled, released, and extinguished” by Sept. 30, this Saturday. Therefore, tomorrow is likely to be the last day that the shares are available for trading, and they will have no value after that date.
Meanwhile, the company itself will cease to exist, with its assets coming under the control of a number of its creditors. However, Overstock (NASDAQ:OSTK) has obtained the right to use the brand name and is currently doing so.
BBBYQ Stock: Shareholders’ Last Hope
Although BBBYQ stock looks like it will fade into history, some investors still think there’s a chance that Cohen will rescue the shares. Specifically, they believe that Cohen could make another investment in the name.
But with the company having already gone bankrupt and previously selling its brand name to Overstock.com, that possibility appears to be extremely remote at this point.
Nevertheless, BBBYQ stock has soared in previous days based on that hope. But the shares have tumbled 41% in the last 30 days.
On Penny Stocks and Low-Volume Stocks: €¯With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That's because these "penny stocks" are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that €¯InvestorPlace.com's writers disclose this fact and warn readers of the risks.
Read More: €¯Penny Stocks — How to Profit Without Getting Scammed
On the date of publication, Larry Ramer held a SHORT position in GME. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Larry Ramer has conducted research and written articles on U.S. stocks for 15 years. He has been employed by The Fly and Israel’s largest business newspaper, Globes. Larry began writing columns for InvestorPlace in 2015. Among his highly successful, contrarian picks have been PLUG, XOM and solar stocks. You can reach him on Stocktwits at @larryramer.