Barnes & Noble Education tumbles on ATM share sale plans

Barnes & Noble Education

20/09/2024 19:28

** Barnes & Noble Education  BNED.N  shares tumble 14.9% to
$9.63 on Fri as co plans to raise equity
    ** BNED shares fall as much as 16.8% to $9.41, a 2-mth low
    ** Educational services firm early Fri filed up to $40 mln
"at-the-market" (ATM) equity sales program to be run by BTIG
    ** BNED plans to use net proceeds from any sales to repay
debt
    ** Co has ~26.2 mln shares outstanding, giving it roughly
$250 mln market cap
    ** On Jun 11, BNED effected a 1-for-100 reverse stock split
in order to regain compliance with NYSE listing standards
    ** Shares ended 2023 at $149, per LSEG

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))