Barnes & Noble Education Strengthens Balance Sheet by Successfully Completing Milestone Transactions

June 11, 2024

DENVER, Colo., Jun 11, 2024 (247marketnews.com)- Barnes & Noble Education, Inc. (NYSE:BNED) successfully closed its milestone equity and refinancing transactions with Immersion Corporation (NASDAQ:IMMR) (“Immersion”) and others, which will significantly strengthen BNED’s balance sheet with more than $100 million of new equity and provide a strong foundation for future growth and profitability.

BNED infused approximately $80 million of net cash proceeds after transaction costs through a $50 million new equity investment and a $45 million fully backstopped equity rights offering.

“We are pleased to announce the closing of the milestone equity investment and bank refinancing transactions,” commented Jonathan Shar, Executive Vice President, BNED Retail and President, Barnes and Noble College. “With a significantly improved balance sheet, we are well-positioned to advance our industry leadership while continuing to strategically invest in innovation and improve the experiences and value we bring to our customers and partner institutions.”

“Immersion is excited to lead this investment into Barnes & Noble Education. The Company plays an invaluable role in the higher education sector, and we fully support its mission of driving affordability, access, and achievement for students via our academic partners nationwide,” stated Immersion’s President and Chief Executive Officer, Eric Singer. “The new board will be focused on accelerating BNED’s transformation and strengthening its industry leadership, while driving profitable growth and enhancing shareholder value.”

The Board of Directors will effectuate a 1-for-100 reverse stock split and will trade on a reverse split-adjusted basis when the NYSE opens on Wednesday, June 12, 2024.

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