IMMERSION CORP 10-Q

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds Stock Repurchase Agreement On February 14, 2022, we entered into a Common Stock Repurchase Agreement (the “Agreement”) with Invenomic Capital Management LP. (“Invenomic”). Pursuant to the Agreement, we purchased 904,499 shares of our common stock from Invenomic at $4.725 per share, or an aggregate purchase price of $4.3 million. For additional information, please see Note 7 . Stockholders’ Equity . Stock Repurchase Program On February 23, 2022, our Board of Directors approved a stock repurchase program of up to $30 million of our common stock for a period of up to twelve months. 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 Act of 1934. Additionally, 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 our stockholders. The timing, pricing and sizes of any repurchases will depend on a number of factors, including the market price of our common stock and general market and economic conditions. The stock repurchase program does not obligate us to repurchase any dollar amount or number of shares, and the program may be suspended or discontinued at any time. As of March 31, 2022, we have $29.8 million available for repurchase under the stock repurchase program. 34 Table of Contents Share repurchase activity during the three months ended March 31, 2022 was as follows (in thousands, except per share amounts): Periods Total Number of Shares Purchased Average Price Paid Per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs (1) January 1 to 31, 2022 — N/A — — February 1 to 28, 2022 904,499 '(2) $ 4.725 0 N/A March 1 to 31,2022 34,282 '(3) $ 4.89 34,282 29,800,000 (1) The amounts represent the amount available to repurchase shares under the authorized repurchase program as of March 31, 2022. The Company’s stock repurchase program does not obligate it to acquire any specific number of shares. (2) Purchased pursuant to the Invenomic Common Stock Repurchase Agreement described above. (3) Purchased as part of our Stock Repurchase Program described above. 35 Table of Contents ITEM 6. EXHIBITS The exhibits listed in the accompanying “Exhibit Index” are filed or incorporated by reference as part of this Form 10-Q. Exhibit Number Exhibit Description Incorporated by Reference Form File No. Exhibit Filing Date 3.1 Amended and Restated Bylaws of Immersion Corporation, as adopted on October 31, 2016 8-K 000-27969 3.1 November 4, 2016 3.2 Amended and Restated Certificate of Incorporation of Immersion Corporation 8-K 000-27969 3.1 June 7, 2017 3.3 Certificate of Designation of the Powers, Preferences and Rights of Series A Redeemable Convertible Preferred Stock 8-K 000-27969 3.1 July 29, 2003 3.4 Amended and Restated Certificate of Designations of Series B Participating Preferred Stock of Immersion Corporation 8-K 000-27969 3.1 November 17, 2021 31.1 * Certification of Francis Jose, Chief Executive Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 31.2 * Certification of Aaron Akerman, Chief Financial Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 32.1 + Certification of Francis Jose, Chief Executive Officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. 32.2 + Certification of Aaron Akerman, Chief Financial Officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. 101.INS * XBRL Report Instance Document 101.SCH * XBRL Taxonomy Extension Schema Document 101.CAL * XBRL Taxonomy Calculation Linkbase Document 101.DEF * XBRL Taxonomy Extension Definition Linkbase Document 101.LAB * XBRL Taxonomy Label Linkbase Document 101.PRE * XBRL Presentation Linkbase Document 104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) * Filed herewith + This certification is deemed not filed for purposes of section 18 of the Exchange Act, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act, as amended, or the Exchange Act, as amended. 36 Table of Contents SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Exchange Act, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized. Date: May 13, 2022 IMMERSION CORPORATION By / S / AARON AKERMAN Aaron Akerman Chief Financial Officer 37