Welcome to our dedicated page for Immersion news (Ticker: IMMR), a resource for investors and traders seeking the latest updates and insights on Immersion stock.
Immersion Corporation (NASDAQ: IMMR) is a technology and intellectual property licensing company focused on haptic, or touch feedback, technology, and it also consolidates the operations of Barnes & Noble Education following the acquisition of a controlling interest. The IMMR news feed highlights how these two components of the business appear in company announcements, earnings releases, and regulatory updates.
News about Immersion frequently covers financial results, including quarterly and fiscal year earnings releases that discuss royalty and license revenue from haptics, consolidated results that include Barnes & Noble Education, and the company’s use of non-GAAP measures. These releases describe how Barnes & Noble Education’s campus bookstore and education services business is reflected in Immersion’s consolidated revenues and operating metrics.
Another recurring news theme involves regulatory and reporting developments. Immersion has issued press releases and filed reports regarding delayed SEC filings, Nasdaq delinquency compliance alert notices, and the planned restatement of certain previously issued interim financial statements. Related items detail internal investigations at Barnes & Noble Education concerning the recording of cost of sales and digital sales, and the anticipated impact on Immersion’s financial reporting and internal controls.
Investors following IMMR news will also see updates on capital allocation and governance, such as announcements of quarterly and special dividends, changes to the dividend level, and the adoption of a temporary shareholder rights plan intended to address potential control transactions. Board decisions about fiscal year changes and shareholder meeting timing are also reported through company releases and Form 8-K filings.
By monitoring this news stream, readers can track how Immersion’s haptics licensing business, its consolidated Barnes & Noble Education operations, dividend policies, and SEC and Nasdaq interactions evolve over time.
Barnes & Noble Education (BNED) announced shareholder approval for significant equity and refinancing transactions led by Immersion These transactions include a $50 million equity investment and a $45 million equity rights offering, yielding $95 million in new equity capital.
Additionally, $34 million in second lien debt will be converted to equity. BNED will also refinance its asset-backed loan facility, accessing a $325 million facility maturing in 2028. These measures aim to enhance BNED's financial position, reduce interest expenses, and support strategic innovation investments.
The shareholder meeting also approved the appointment of five new directors to the board, along with two reappointments, effective with the transaction's closure.
Barnes & Noble Education (NYSE: BNED) has announced its preliminary, unaudited financial results for fiscal year 2024, ending April 27, 2024. The company reported consolidated GAAP revenue of $1.567 billion, a slight increase from $1.543 billion in the prior year. Consolidated GAAP net loss from continuing operations was approximately $63 million, an improvement from the $90 million loss reported last year. Non-GAAP Adjusted EBITDA from continuing operations stood at $45 million, compared to a loss of $8 million the previous year.
BNED also announced a proposed series of financial transactions to enhance its financial position, including a fully backstopped $45 million Rights Offering and a $50 million Private Investment led by Immersion These measures are expected to generate $75 million of net cash proceeds after transaction costs. The company has received commitments to refinance its existing asset-backed loan facility, providing access to a $325 million facility maturing in 2028. Shareholders will vote on these proposals at a special meeting on June 5, 2024.
Immersion (NASDAQ: IMMR) announced the renewal of its license agreement with Samsung Electronics. This extension allows Samsung to continue using Immersion's haptic feedback technology in its devices, enhancing user experiences in gaming, computing, and software applications. Eric Singer, President and CEO of Immersion, expressed delight at the renewal, emphasizing the growing importance of high-quality tactile effects in consumer devices.
Barnes & Noble Education (NYSE: BNED) announced the effectiveness of its $45 million equity rights offering, as declared by the SEC on May 14, 2024. This offering, part of a broader agreement with Immersion and key stakeholders, aims to raise $95 million in new equity capital, including a $50 million investment led by Immersion. BNED expects to net $75 million in cash post-transaction costs and will convert $34 million in second lien debt to common stock. Additionally, BNED has secured commitments to refinance its asset-backed loan facility to $325 million, maturing in 2028. The rights offering involves issuing 900 million shares at $0.05 per share, available to shareholders of record on May 14, 2024. The subscription period ends on June 5, 2024. Proceeds will be used to pay transaction expenses and reduce the company's ABL facility balance. The company's common stock will continue trading on the NYSE under the symbol 'BNED'.
Immersion , a haptics technology company, reported strong financial results for the first quarter of 2024. The company saw a significant increase in total revenues, GAAP net income, and non-GAAP net income compared to the same period in 2023. Total cash and short-term investments also experienced a notable increase. The CEO highlighted the positive start to the year and emphasized the company's focus on protecting and monetizing its intellectual property to drive long-term shareholder value.
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