Rubric Capital Exits Digimarc Stake, Reports Zero Ownership

TL;DR

**Rubric Capital just dumped its Digimarc shares, now owns zero.**

AI Summary

Rubric Capital Management LP, a Delaware-based investment firm, filed an amended SC 13G/A on February 12, 2024, indicating a significant change in its holdings of Digimarc Corporation (DMRC) common stock. As of December 31, 2023, Rubric Capital reported having zero sole or shared voting and dispositive power over Digimarc shares, a notable decrease from previous filings. This matters to investors because it signals that a major institutional holder has either sold off its stake or significantly reduced its influence, which could impact stock stability and investor confidence.

Why It Matters

This filing indicates a major institutional investor, Rubric Capital Management LP, no longer holds a significant stake in Digimarc, potentially signaling a lack of confidence or a strategic portfolio shift. Investors should be aware that a large holder has divested, which could remove a source of buying pressure or support for the stock.

Risk Assessment

Risk Level: medium — The complete divestment by a significant institutional investor like Rubric Capital Management LP could indicate underlying concerns about Digimarc's future performance or valuation.

Analyst Insight

A smart investor would investigate the reasons behind Rubric Capital Management LP's complete divestment from Digimarc Corporation, potentially looking for any negative news or changes in company fundamentals that might have prompted this move, before making any investment decisions.

Key Numbers

• 0 — Sole Voting Power (Rubric Capital Management LP's sole voting power over Digimarc shares as of December 31, 2023)
• 0 — Shared Voting Power (Rubric Capital Management LP's shared voting power over Digimarc shares as of December 31, 2023)
• 0 — Sole Dispositive Power (Rubric Capital Management LP's sole dispositive power over Digimarc shares as of December 31, 2023)
• 0 — Shared Dispositive Power (Rubric Capital Management LP's shared dispositive power over Digimarc shares as of December 31, 2023)

Key Players & Entities

• Rubric Capital Management LP (company) — the reporting person that filed the SC 13G/A
• Digimarc Corporation (company) — the issuer of the securities
• State of Delaware (company) — place of organization for Rubric Capital Management LP
• December 31, 2023 (date) — date of event which requires filing of this statement
• February 12, 2024 (date) — date the SC 13G/A was filed

Forward-Looking Statements

• Digimarc Corporation's stock price may experience downward pressure or increased volatility in the short term. (Digimarc Corporation) — medium confidence, target: Q1 2024
• Other institutional investors may re-evaluate their positions in Digimarc Corporation following Rubric Capital's divestment. (institutional investors) — low confidence, target: Q2 2024

FAQ

Key Financial Figures

• $0.001 — OF CLASS OF SECURITIES: Common stock, $0.001 par value per share (the " Common

Filing Documents

• tm245464d22_sc13ga.htm (SC 13G/A) — 68KB
• 0001104659-24-013567.txt ( ) — 70KB

(a)

Item 1(a). NAME OF ISSUER: The name of the issuer is Digimarc Corporation. (the " Issuer ").

(b)

Item 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES: The Issuer's principal executive offices are located at 8500 SW Creekside Place, Beaverton, OR, 97008.

(a)

Item 2(a). NAME OF PERSON FILING: This statement is filed by: (i) Rubric Capital Management LP (" Rubric Capital "), the investment adviser to certain investment funds and/or accounts (collectively, the " Rubric Funds ") that held the shares of Common Stock (as defined in Item 2(d) below) reported herein; and (ii) David Rosen (" Mr. Rosen "), Managing Member of Rubric Capital Management GP LLC, the general partner of Rubric Capital. The foregoing persons are hereinafter sometimes collectively referred to as the " Reporting Persons ." The filing of this statement should not be construed as an admission that any of the forgoing persons or any Reporting Person is, for the purposes of Section 13 of the Act, the beneficial owner of the Shares reported herein.

(b)

Item 2(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE: The address of the principal business office of each of the Reporting Persons is 155 East 44th St, Suite 1630, New York, NY 10017.

(c)

Item 2(c). CITIZENSHIP: Rubric Capital is a Delaware limited partnership. Mr. Rosen is a citizen of the United States of America.

(d)

Item 2(d). TITLE OF CLASS OF SECURITIES: Common stock, $0.001 par value per share (the " Common Stock ").

(e)

Item 2(e). CUSIP NUMBER: 25381B101 CUSIP No. 25381B101 13G/A Page 5 of 7 Pages Item 3. IF THIS STATEMENT IS FILED PURSUANT TO RULES 13d-1(b) OR 13d-2(b) OR (c), CHECK WHETHER THE PERSON FILING IS A: (a) Broker or dealer registered under Section 15 of the Act, (b) Bank as defined in Section 3(a)(6) of the Act, (c) Insurance Company as defined in Section 3(a)(19) of the Act, (d) Investment Company registered under Section 8 of the Investment Company Act of 1940, (e) An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E); (f) Employee Benefit Plan or Endowment Fund in accordance with Rule 13d-1(b)(1)(ii)(F), (g) Parent Holding Company or control person in accordance with Rule 13d-1(b)(1)(ii)(G), (h) Savings Association as defined in Section 3(b) of the Federal Deposit Insurance Act, (i) A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act; (j) A non-U.S. institution in accordance with Rule 13d-1(b)(1)(ii)(J); (k) Group, in accordance with Rule 13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with Rule 13d-1(b)(1)(ii)(J), pleasespecify the type of institution: Item 4. The information required by Items 4(a) - (c) is set forth in Rows 5 - 11 of the cover page for each of the Reporting Persons and is incorporated herein by reference. Item 5. If this statement is being filed to report the fact that as of the date hereof the Reporting Persons have ceased to be the beneficial owner of more than five percent of the class of securities, check the following: Item 6. Not applicable. Item 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY. Not applicable. CUSIP No. 25381B101 13G/A Page 6 of 7 Page

SIGNATURES

SIGNATURES After reasonable inquiry and to the best of our knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct. DATED: February 12, 2024 RUBRIC CAPITAL MANAGEMENT LP By: /s/ Michael Nachmani Name: Michael Nachmani Title: Chief Operating Officer /s/ David Rosen DAVID ROSEN

View Full Filing

View this SC 13G/A filing on SEC EDGAR