For the second time in less than a year, Barnes & Noble Education has reached a last-minute agreement that provides the company with the liquidity it needs to continue to operate.

In early March, B&NE announced that it was in negotiations with various financial parties to improve its financial position and allow it to remain in business. After several extensions, the college bookstore operator announced that it has reached an agreement with Immersion Corporation, along with some of its existing shareholders and strategic partners, which, B&NE says, “will significantly strengthen” its long-term financial position.

Under the new refinancing agreement, B&NE will receive net cash proceeds of $75 million to help fund its operations. The new financing takes the form of a new equity investment led by Immersion Corporation and a separate, fully secured equity rights offering. In addition, B&NE has received commitments to refinance its existing asset-backed loan, which will give the company access to a $325 million loan that will reduce its annual interest expense. Payment on the loan is not due until June 2028.

As part of the new equity investment, B&NE will issue up to 900 million new shares at a price of 5 cents per share. Current shareholders will each be given the chance to buy new shares using a complicated formula. The multipart agreement, however, cuts the legs out from under any investors who had bet that B&NE would be sold a premium to its share price, which had been 70 cents per share Monday night. After the new agreement was announced Tuesday morning, B&NE’s share price plunged about 64% and finished April 16 trading at 25 cents per share. CEO Michael Husby nonetheless said that the deal was “the best path forward” for the company.

The agreement is expected to be approved in June.