Immersion Corp Reports Material Definitive Agreement on Feb 9
Ticker: IMMR · Form: 8-K · Filed: Feb 14, 2024 · CIK: 1058811
Sentiment: neutral
Topics: material-agreement, corporate-action, 8-K
Related Tickers: IMMR
TL;DR
**Immersion Corp just filed an 8-K reporting a new material definitive agreement on Feb 9th, signaling a potentially big corporate move!**
AI Summary
Immersion Corporation (CIK: 0001058811) filed an 8-K on February 14, 2024, reporting an event that occurred on February 9, 2024. The filing indicates the Delaware-incorporated company entered into a material definitive agreement. This significant corporate action also includes reporting on other events and financial statements and exhibits.
Why It Matters
Material definitive agreements often signal significant strategic shifts, such as acquisitions, major partnerships, or financing deals, which can substantially impact a company's future operations and financial performance.
Risk Assessment
Risk Level: medium — The nature of a material definitive agreement is unknown without further details, but such agreements can carry both significant opportunities and risks depending on their terms.
Key Players & Entities
- IMMERSION CORPORATION (company) — Registrant
- 06 Technology (company) — Organization Name
- IMMERSION HUMAN INTERFACE CORP (company) — Former Company Name
- February 9, 2024 (date) — Date of earliest event reported
- February 14, 2024 (date) — Filed as of date
- Delaware (location) — State of incorporation
- Aventura, FL (location) — Business address city and state
- UNITED STATES SECURITIES AND EXCHANGE COMMISSION (organization) — Regulatory body
FAQ
What is the exact name of the Registrant?
The exact name of the Registrant is IMMERSION CORPORATION.
What is the date of the earliest event reported in this 8-K filing?
The date of the earliest event reported is February 9, 2024.
What type of SEC filing is this document?
This document is a Form 8-K, a Current Report.
What is the state of incorporation for Immersion Corporation?
Immersion Corporation is incorporated in Delaware.
What are the primary items of information reported in this 8-K?
The primary items reported are "Entry into a Material Definitive Agreement," "Other Events," and "Financial Statements and Exhibits."
Filing Stats: 718 words · 3 min read · ~2 pages · Grade level 11.4 · Accepted 2024-02-14 08:00:19
Key Financial Figures
- $0.001 — nge on which registered Common Stock, $0.001 par value per share IMMR The NASDAQ
- $17,500,000 — ersion expects to receive approximately $17,500,000, after deducting for legal fees related
Filing Documents
- immr-20240209.htm (8-K) — 43KB
- ex991_1.htm (EX-99.1) — 11KB
- 0001213900-24-013643.txt ( ) — 229KB
- immr-20240209_def.xml (EX-101.DEF) — 16KB
- immr-20240209_pre.xml (EX-101.PRE) — 17KB
- immr-20240209_cal.xml (EX-101.CAL) — 1KB
- immr-20240209_lab.xml (EX-101.LAB) — 35KB
- immr-20240209.xsd (EX-101.SCH) — 4KB
- immr-20240209_htm.xml (XML) — 4KB
01. Entry into a Material Agreement
Item 1.01. Entry into a Material Agreement. As previously disclosed, Immersion Corporation and certain of its subsidiaries (collectively, "Immersion" or the "Company") ha ve been involved in several litigation proceedings (collectively, the "Litigation") against Meta Platforms, Inc. ("Meta") , as more fully described in Part I, Item 3 of the Company's A nnual R eport on Form 10-K for the year ended December 31, 2022, as supplemented in Part II, Item 1 of the Company's Q uarterly R eports on Form 10-Q for the quarters ended March 31, 2023, June 30, 2023 and September 30, 2023. On February 9, 2024, Immersion entered into a Patent License and Settlement Agreement (the "License and Settlement Agreement") with Meta, pursuant to which the parties have agreed to terms for resolving the Litigation and Meta will license, on a non-exclusive basis, Immersion's patent portfolio for use in its products. Under the License and Settlement Agreement, in consideration for the license and releases granted therein, Immersion expects to receive approximately $17,500,000, after deducting for legal fees related to the Litigation (and other pending litigation) and other liabilities. Pursuant to the License and Settlement Agreement, Immersion and Meta have agreed to terms for dismissal by them of the outstanding Litigation and inter partes reviews of Immersion's patents. The description of the License and Settlement Agreement contained herein does not purport to be complete and is qualified in its entirety by reference to the License and Settlement Agreement, which the Company intends to file as an exhibit to its Quarterly Report on Form 10-Q for the quarter ending March 31, 2024.
01 Other Events
Item 8.01 Other Events. On February 14, 2024 , the Company will issue a press release announcing the license arrangement between the Company and Meta. A copy of the press release to be issued is attached to this Current Report on Form 8-K as Exhibit 99.1, and the information in Exhibit 99.1 is incorporated herein by reference.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. a. Exhibits Exhibit No. Exhibit Title 99.1 Press Release, to be issued on February 14, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. IMMERSION CORPORATION Date: February 14, 2024 By: /s/ERIC SINGER Name: Eric Singer Title: Chief Executive Officer