B. Riley Financial Varied

B. Riley Securities Serves as Sole Bookrunner on Bed Bath & Beyond $1.025bn Offering of Convertible Preferred Stock and Warrants

LOS ANGELES, Feb. 8, 2023 - B. Riley Securities, Inc., a leading middle market investment bank and subsidiary of B. Riley Financial, Inc. (Nasdaq: RILY), is pleased to have served as sole bookrunner on a successful underwritten public offering of Bed Bath & Beyond Inc. (Nasdaq: BBBY) Series A convertible preferred stock and warrants.

The offering resulted in initial gross proceeds of approximately $225 million and an additional approximate $800 million of gross proceeds in future installments, assuming certain conditions are met.

Sue Gove, President & CEO of Bed Bath & Beyond Inc. said, "This transformative transaction will provide runway to execute our turnaround plan. We continue to put our customers at the center of every decision, positioning Bed Bath & Beyond to meet and exceed their expectations, while resetting our foundation for near- and long-term success. We are optimizing our store fleet and supply chain and continuing to invest in our omni-always capabilities. This will enable us to better serve our customers, and grow profitably, by directing merchandise where and how they want to shop with us. We are also prioritizing availability of leading national and emerging direct-to-consumer brands our customers know and love. As we make important strategic and operational changes, we will continue to take disciplined steps to enhance our cost base and improve our financial position."

Bed Bath & Beyond is an omni-channel retailer that sells a wide assortment of merchandise including bedding, bath, kitchen food prep, home organization, indoor décor, baby and personal care and operates under the names Bed Bath & Beyond and buybuy BABY.

B. Riley Securities' deal team included Jimmy Baker, Dawn Farrell, Kathy Innis, Ryan Aceto, and Alex Shaffer. For more information, contact Jimmy Baker at 703.312.9603.

About B. Riley Securities
B. Riley Securities is a leading middle market investment bank that provides corporate finance, advisory, research, and sales and trading services. Investment banking services include initial, secondary, and follow-on offerings, institutional private placements, merger and acquisition (M&A) advisory, corporate restructuring, and recapitalization. The firm is nationally recognized and highly ranked for its proprietary small-cap equity research. B. Riley Securities is a wholly owned subsidiary of B. Riley Financial, Inc. (Nasdaq: RILY). For more information, visit www.brileysecurities.com.

Media Contact:
Jo Anne McCusker
B. Riley Financial
press@brileyfin.com
(646) 885-5425

In addition to B. Riley Securities, B. Riley Financial operates through several wholly owned subsidiaries, including: B. Riley Capital Management, an SEC-registered investment adviser, which provides advisory services to private funds; B. Riley Wealth Management, a FINRA-registered broker-dealer and member SIPC, which offers securities and variable insurance products; B. Riley Wealth Advisors, an SEC-registered investment adviser, which provides fee-based asset management and advisory services; B. Riley Wealth Portfolio Advisers, an SEC-registered investment adviser, which provides advisory and sub-advisory services, some through separately managed accounts using model portfolio; B. Riley Wealth Private Shares, an SEC-registered investment adviser, which provides advisory services to private funds; and B. Riley Principal Investments which makes proprietary investments in other businesses.

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