Immersion Reaches Agreement with VIEX Capital Advisors, LLC for Board Refreshment and Formation of Strategy Committee
March 5, 2020 SAN JOSE, Calif.--(BUSINESS WIRE)--Immersion Corp. (NASDAQ: IMMR), the leading developer and licensor of touch feedback technology, today announced that it has entered into an agreement with VIEX Capital Advisors, LLC and its affiliates, which, in the aggregate, beneficially own approximately 11.8% of Immersion’s outstanding common stock. Under the terms of the agreement, Immersion has agreed to appoint Stephen Domenik, Franz Fink, and Eric Singer to the board. As part of this change, Sid Ganis and Jonathan Visbal will resign from the board. The board has also agreed to form a strategy committee, to consist of Stephen Domenik, William Martin and Eric Singer, to review, evaluate and make recommendations to the board regarding Immersion’s corporate strategy, capital allocation, cost structure, business opportunities and related matters. These same directors will also comprise the board’s compensation committee.
Ramzi Haidamus, Immersion’s Chief Executive Officer, stated, “We are pleased to have reached this agreement with VIEX and welcome Eric, Franz, and Stephen to the board. Throughout this process, we’ve listened closely to investor sentiment and believe this outcome serves the best interests of the Company and all Immersion stockholders.”
Eric Singer, the managing member of VIEX, stated, “This agreement and the board’s actions show alignment with stockholders, and the establishment of a strategy committee is an important step to maximizing stockholder value. We look forward to working collaboratively with existing board members to enhance stockholder value.” Under the terms of the agreement, Immersion will hold its 2020 annual meeting by June 30, 2020 and will nominate Messrs. Domenik, Fink and Singer for re-election. VIEX and its affiliates have agreed to vote their shares in support of the newly reconstituted board.
The complete agreement will be included as an exhibit to a Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission.
Immersion Corporation (NASDAQ: IMMR) is the leading innovator of touch feedback technology, also known as haptics. The company provides technology solutions for creating immersive and realistic experiences that enhance digital interactions by engaging users’ sense of touch. Immersion's technology has been adopted in more than 3 billion digital devices, and provides haptics in mobile, automotive, gaming, and consumer electronics products. Immersion is headquartered in San Jose, California, with offices worldwide. Learn more at www.immersion.com.