GameStop Chairman Ryan Cohen has filed to sell his entire stake in Bed Bath & Beyond (BBBY).
A Form 144 filing with the SEC dated August 16 revealed that Cohen’s RC Ventures, which holds an 11.8% stake in the struggling retailer, is planning to sell the entirety of its stake in the company within the next 90 days.
A Form 144 filing is used when affiliates of a company plan to sell more than 5,000 shares, or $50,000 worth of stock, that isn’t otherwise registered — such as through a 10b5-1 pre-planned stock sale.
Though Form 144 filings do not obligate a party to sell the position outlined, the SEC says someone filing this form “must have a bona fide intention to sell the securities referred to in the Form within a reasonable time after the filing of the Form.”
BBBY stock, which is up more than 350% in August, fell as much as 12% after hours following an 11% rise during Wednesday’s session.
This disclosure comes just a day after RC Ventures filed an updated Form 13D with the SEC, in…