Barnes & Noble Education, Inc - BNED STOCK NEWS

Barnes & Noble Education (BNED) announced the results of its $45 million equity rights offering, which concluded on June 5, 2024. Shareholders subscribed for approximately 71% of the 900 million shares offered at $0.05 per share. The remaining shares will be purchased by Immersion and other existing stockholders under a backstop agreement, totaling $12.9 million. Additionally, BNED will receive $50 million through a private investment led by Immersion. These transactions include converting $34 million of second lien debt to equity and refinancing the company's ABL facility. Proceeds will be used to reduce debt and cover transaction expenses. The transactions are expected to close around June 10, 2024.

Barnes & Noble Education (BNED) announced shareholder approval for significant equity and refinancing transactions led by Immersion These transactions include a $50 million equity investment and a $45 million equity rights offering, yielding $95 million in new equity capital.

Additionally, $34 million in second lien debt will be converted to equity. BNED will also refinance its asset-backed loan facility, accessing a $325 million facility maturing in 2028. These measures aim to enhance BNED's financial position, reduce interest expenses, and support strategic innovation investments.

The shareholder meeting also approved the appointment of five new directors to the board, along with two reappointments, effective with the transaction's closure.

Barnes & Noble College (BNC) has released its 2024 Student Pulse survey, which gathered insights from nearly 140,000 students across 640 campuses about their shopping behaviors and preferences regarding campus bookstores. The survey reveals students' emphasis on convenience, elevated experiences, and the importance of dedicated service and support. Notably, 93% of students gave high ratings for the performance of BNC-operated bookstores, and 86% expressed high satisfaction with customer service. Additionally, 88% of students emphasized the importance of having textbooks available at campus bookstores, and 75% shop there for school-branded apparel. The survey also highlights a strong interest in equitable access programs, such as BNC's First Day Complete, which offers discounted course materials. These insights will help BNC to innovate and improve their offerings to better serve students and partner institutions.

Barnes & Noble Education (NYSE: BNED) has announced its preliminary, unaudited financial results for fiscal year 2024, ending April 27, 2024. The company reported consolidated GAAP revenue of $1.567 billion, a slight increase from $1.543 billion in the prior year. Consolidated GAAP net loss from continuing operations was approximately $63 million, an improvement from the $90 million loss reported last year. Non-GAAP Adjusted EBITDA from continuing operations stood at $45 million, compared to a loss of $8 million the previous year.

BNED also announced a proposed series of financial transactions to enhance its financial position, including a fully backstopped $45 million Rights Offering and a $50 million Private Investment led by Immersion These measures are expected to generate $75 million of net cash proceeds after transaction costs. The company has received commitments to refinance its existing asset-backed loan facility, providing access to a $325 million facility maturing in 2028. Shareholders will vote on these proposals at a special meeting on June 5, 2024.

Barnes & Noble Education (NYSE: BNED) announced the effectiveness of its $45 million equity rights offering, as declared by the SEC on May 14, 2024. This offering, part of a broader agreement with Immersion and key stakeholders, aims to raise $95 million in new equity capital, including a $50 million investment led by Immersion. BNED expects to net $75 million in cash post-transaction costs and will convert $34 million in second lien debt to common stock. Additionally, BNED has secured commitments to refinance its asset-backed loan facility to $325 million, maturing in 2028. The rights offering involves issuing 900 million shares at $0.05 per share, available to shareholders of record on May 14, 2024. The subscription period ends on June 5, 2024. Proceeds will be used to pay transaction expenses and reduce the company's ABL facility balance. The company's common stock will continue trading on the NYSE under the symbol 'BNED'.

Barnes & Noble Education (BNED) implements a short-term stockholder rights plan, granting one preferred share purchase right per outstanding common share if a person or group acquires 10% or more of the common stock. The rights allow stockholders to buy a new series of junior participating preferred stock at an exercise price of $5.00. The plan aims to prevent hostile takeovers and will be in effect until January 31, 2025.

Barnes & Noble Education (BNED) announces milestone transactions to strengthen balance sheet and advance services. The company will receive $95 million in new capital, eliminate $34 million of debt, and secure a commitment to refinance a loan facility.

Barnes & Noble Education, Inc. reported strong financial results for the third quarter of fiscal year 2024, with consolidated sales increasing to $456.7 million and gross profit rising to $100.0 million. The company's net loss from continuing operations improved to $(9.9) million, and adjusted EBITDA increased to $20.3 million. Operational highlights include significant revenue growth from BNC First Day programs and a 8.8% increase in total retail segment gross comparable store sales.

Barnes & Noble Education (BNED) postpones its Q3 fiscal year 2024 earnings release and conference call, with a new date to be announced soon.