BNED shareholders approve $95M equity recapitalization; rights offering 71% subscribed

Barnes & Noble Education, Inc.

Shareholders approved all proposals: share issuance, authorized increase to 10B shares, 1-for-100 reverse split, and new directors.
BNED to receive $95M new equity: $50M private investment from Immersion plus $45M fully backstopped rights offering.
Rights offering: 71% of 900M shares subscribed at $0.05; standby purchasers to buy remaining 258M shares for ~$12.9M.
Second lien lenders converting ~$34M debt to equity; ABL facility refinanced to $325M maturing in 2028.
Board overhaul: 5 new directors (including Immersion CEO Eric Singer) appointed; 7 incumbents stepping down at closing.

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