09/03/2024 | Press release | Distributed by Public on 09/03/2024 14:16
Item 8.01 Other Events.
On August 27, 2024, the Boardof Directors (the "Board") of Immersion Corporation (the "Company")approved an amendment to extend the expiration date of the Company's current stock repurchase program that was set to expire on December 29, 2024to December 29, 2025. The stock repurchase program was originally approved on December 29, 2022 and authorized the repurchase of up to $50 million of the Company's common stock. Currently, the Company has $41.7million available for repurchase under the stock repurchase program. Any stock repurchases may be made through open market and privately negotiated transactions, at such times and in such amounts as management deems appropriate, including pursuant to one or more Rule 10b5-1 trading plans adopted in accordance with Rule 10b5-1 of the Securities Exchange Actof 1934, as amended. Additionally, in connection with the initial approval of the stock repurchase program, the Board authorized the use of any derivative or similar instrument to effect stock repurchase transactions, including without limitation, accelerated share repurchase contracts, equity forward transactions, equity option transactions, equity swap transactions, cap transactions, collar transactions, naked put options, floor transactions or other similar transactions or any combination of the foregoing transactions. The stock repurchase program was implemented as a method to return value to the Company's stockholders. The timing, pricing and sizes of any repurchases will depend on a number of factors, including the market price of the Company's common stock and general market and economic conditions. The stock repurchase program does not obligate the Company to repurchase any dollar amount or number of shares, and the program may be suspended or discontinued at any time.