Barnes & Noble Education to effect 1-for-100 reverse stock split

The board of directors will effectuate a reverse stock split of the company’s outstanding shares of common stock at a ratio of 1-for-100, which was previously approved by stockholders at a special meeting held on June 5. The reverse stock split will become effective at 5:01 p.m. Eastern Time on Tuesday, June 11 and the company’s shares of common stock will begin trading on the NYSE on a reverse split-adjusted basis when the NYSE opens on Wednesday, June 12. In connection with the reverse stock split, every 100 shares of the company’s common stock issued and outstanding as of the effective time will be automatically converted into one share of the company’s common stock. No change will be made to the trading symbol for the company’s shares of Common Stock, “BNED,” in connection with the reverse stock split. The reverse stock split is part of the company’s plan to regain compliance with the minimum bid price requirement of $1.00 per share required to maintain continued listing on the NYSE. The reverse stock split will reduce the number of shares of the company’s outstanding common stock from approximately 2,620.5 shares to approximately 26.2M shares, subject to adjustment for rounding.