Press Release
Press Release
Press Contacts: Erik Cummins, Matt Hyams, Olivia Thomas
04.24.24
A team of Pillsbury lawyers led by Corporate partner Jim Masetti advised Immersion Corporation (NASDAQ: IMMR), a premier licensing company focused on the invention, acceleration, and scaling of innovative haptic technologies, in entering into a definitive agreement with Barnes & Noble Education, Inc. (NYSE: BNED) (BNED), one of the largest contract operators of physical and virtual bookstores for college and university campuses and K-12 institutions across the U.S., and certain of the company’s existing shareholders and strategic partners.
The terms of the agreement include BNED receiving gross proceeds of $95 million of new equity capital through a $50 million new equity investment led by Immersion and a $45 million fully backstopped equity rights offering. According to a company press release, the transactions are expected to infuse approximately $75 million of net cash proceeds after transaction costs.
The proposed transactions—subject to shareholder approval and other closing conditions—will enable BNED to substantially deleverage its balance sheet, continue to strategically invest in innovation and operate from a position of strength.
To learn more about the transaction, click here.
In addition to Masetti, the Pillsbury deal team included Bank & Leveraged Finance partner Joel Simon, Corporate partner Christina Pearson, Insolvency & Restructuring partner Joshua Morse, Securities Enforcement & Litigation partner Ari Berman, Executive Compensation & Benefits partner Laura McDaniels, Tax partner Nora Burke, Antitrust attorney Evan Storm, Corporate senior counsel Ildiko Duckor, senior associate Lana Persaud and associates Jake Sendar, Ian Akisoglu and Lacey Sun and Finance associate Sacha Urbach.