Barnes & Noble Education Inc (NYSE:BNED) shares are trading lower by 29.6% to $0.09 during Tuesday’s session after the company announced it has completed equity and refinancing transactions, new leadership changes and a 1-for-100 reverse stock split.
The company says the equity and refinancing transactions with Immersion Corporation and existing partners has strengthened its financial position with over $100 million in new equity. This includes raising $95 million in new equity capital through a $50 million private investment and a $45 million fully backstopped equity rights offering, resulting in approximately $80 million in net cash after transaction costs.
Additionally, second lien lenders converted $34 million in debt into shares of common stock. BNED also extended its $325 million loan facility with Bank of ...
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