11:42 AM EDT, 04/16/2024 (MT Newswires) -- Barnes & Noble Education ( BNED ) said Tuesday it has entered into equity and refinancing transactions with Immersion (IMMR), certain existing shareholders and strategic partners for $95 million in new capital.

The capital will consist of a $50 million new equity investment led by Immersion and a $45 million fully backstopped equity rights offering, according to the company. The transactions are expected to add about $75 million in net cash proceeds after transaction costs, the company.

The company's second-lien lenders will also convert about $34 million of principal plus accrued and unpaid interest into Barnes' shares as part of the transactions.

Separately, the company said its board has adopted a short-term stockholder rights plan, or poison pill, that will be triggered if a person or group acquires 10% or more of its outstanding common stock.

Shares of the company were down 68% in recent trading.