IMMERSION CORP 4
4 · Barnes & Noble Education, Inc. · Filed Jul 8, 2026
Research Summary
AI-generated summary of this filing
Barnes & Noble Education (BNED) 10% Owner TORO 18 Sells Shares
What Happened Toro 18 Holdings LLC, a reported >10% owner of Barnes & Noble Education (BNED), sold derivative-linked securities (reported as sales of put-related obligations) totaling 19,000 units in open-market transactions on July 6–7, 2026. The Form 4 lists three reported disposals: 5,000 at $1.50 ($7,500), 12,000 at $1.88 ($22,600) and 2,000 at $1.50 ($3,000), for aggregate proceeds of about $33,100. These are sales of derivative instruments (put obligations), not purchases of common stock.
Key Details
- Transaction dates: July 6, 2026 (5,000 and 12,000 units) and July 7, 2026 (2,000 units).
- Reported per-line prices and totals: 5,000 @ $1.50 = $7,500; 12,000 @ $1.88 = $22,600; 2,000 @ $1.50 = $3,000. Total ≈ $33,100.
- Footnote: Reporting persons state sales were made in multiple transactions at prices ranging $1.80–$2.30 per put option; the filing shows weighted-average prices and the reporting persons will provide a full breakdown on request.
- Ownership after transaction: not specified in the provided Form 4 (not disclosed).
- Filing timeliness: Form filed July 8, 2026 for transactions on July 6–7, consistent with routine Section 16 timing (no late filing indicated).
- Reporting group: The Form 4 is filed jointly by Toro 18, Immersion Corporation, and individuals (William C. Martin and Eric Singer); they note a Section 13(d) group with Emily S. Hoffman. Each reporting person disclaims beneficial ownership except for any pecuniary interest; Ms. Hoffman will file separately.
Context These were sales of derivative instruments (puts), meaning the reporting persons sold obligations related to purchasing shares rather than selling underlying common stock outright. The filing relates to a 10% owner / institutional grouping with ties to directors on BNED's board; this is institutional/related-party derivative activity rather than a direct executive buy or sale of common shares. As always, derivative transactions can have different risk/receipt profiles than simple stock trades—review the Form 4 and footnotes for full pricing details if needed.
Insider Transaction Report
- Sale
Put Option (obligation to buy)
[F1]2026-07-06$1.50/sh−5,000$7,500→ 5,000 totalExercise: $10.00From: 2026-07-06Exp: 2027-03-19→ Common Stock (500,000 underlying) - Sale
Put Option (obligation to buy)
[F2][F1]2026-07-06$1.88/sh−12,000$22,600→ 12,000 totalExercise: $11.50From: 2026-07-06Exp: 2027-03-19→ Common Stock (1,200,000 underlying) - Sale
Put Option (obligation to buy)
[F1]2026-07-07$1.50/sh−2,000$3,000→ 7,000 totalExercise: $10.00From: 2026-07-07Exp: 2027-03-19→ Common Stock (200,000 underlying)
Footnotes (2)
- [F1]This Form 4 is filed jointly by Toro 18 Holdings LLC ("Toro 18"), Immersion Corporation ("Immersion"), William C. Martin and Eric Singer (collectively, the "Reporting Persons"). Each of the Reporting Persons is a member of a group with Emily S. Hoffman for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, that collectively beneficially owns over 10% of the Issuer's outstanding shares of Common Stock. Each of Messrs. Martin and Singer and Ms. Hoffman also serve as directors on the Board of Directors of the Issuer. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein. Ms. Hoffman will file separate Section 16 reports.
- [F2]Sales were made in multiple transactions at prices ranging from $1.8000 to $2.3000 per Put Option (obligation to purchase). The price reported is a weighted average price. The Reporting Persons undertake to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares at each separate price within the range set forth in the immediately preceding sentence.