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 which it revealed an 11.8% stake totaling 9.45 million shares, including 1.67 million shares underlying call options. Wednesday's filing noted those call options included January 2023 dated calls with strike prices at $60, $75, and $80 per share.

Per Wednesday's filing with the SEC, the total outstanding value of Cohen's stake in the retailer totaled over $148.5 million as of Monday's close. Bed Bath & Beyond shares gained roughly 50% between Monday and Wednesday's close.

Cohen's RC Ventures initially disclosed a 9.8% stake in the company back in March, saying in a filing at the time he planned to engage with the board on strategic alternatives, including a possible spin-off of the company's buybuy Baby brand.

In the intervening months, Bed Bath & Beyond added three Cohen-backed appointees to its board and replaced CEO Mark Tritton.

In its most recent quarterly report, Bed Bath & Beyond revealed a 27% decline in same-store sales at its namesake stores, with same-store sales at buybuy Baby falling by "mid-single digits." Some analysts have suggested the stock is worth merely $1 per share, with the recent precipitous drop in sales potentially putting vendors in a position to send the company into a "death spiral."

Cohen, who co-founded Chewy (CHWY) back in 2011, has become a darling of the meme stock market given his involvement at GameStop (GME), where he now serves as chairman of the board.

As of March 2022, RC Ventures held an 11.9% stake in the video game retailer.

GameStop shares, which lost 4% on Wednesday, were down another 3% in after hours trading following this news.