B&NE Parent Company Receives Delinquency Notice

Immersion Corp., which acquired control of Barnes & Noble Education in June 2024, announced that on August 20 it received a delinquency compliance notice from the Nasdaq Stock Market (Nasdaq) advising the company that due to its failure to file its annual report on Form 10-K for the fiscal year ended April 30, 2025 to the SEC in a timely manner, the company is not in compliance with Nasdaq’s continued listing requirements.

The company cited the ongoing investigation of B&NE’s accounting practices as the reason for the delay in filing its 10-K. In late July, B&NE said that due in part to the way it accounts for the cost of digital sales, it had begun an investigation of its auditing practices, which remains ongoing. The investigation has forced B&NE to delay filing its own forms with the SEC.  

Under Nasdaq rules, Immersion has 60 calendar days from the date of the Nasdaq notification letter to submit a plan to regain compliance with Nasdaq. Immersion noted, however, that the company’s ability to file form 10-K remains subject to BN&E’s completion of its internal investigation and the consolidation of BN&E’s financial information.