Immersion adopts temporary shareholder rights plan

Immersion (IMMR) announced that its board of directors has adopted a temporary shareholder rights plan designed to protect the interests of all shareholders by reducing the likelihood that any person or group could gain control of the company without appropriately compensating company shareholders for control. The rights plan will be triggered if any person or group acquires beneficial ownership of more than 9.99% of Immersion’s outstanding common stock. The rights plan will remain in effect through October 31, 2026. The board approved the rights plan following receipt of a letter dated November 3 from Immersion shareholder Scott Larson, which was subsequently made public via a filing with the SEC. The letter represented the first direct communication of Larson’s views to the company; he had previously scheduled a meeting with management but canceled it on short notice and did not reschedule.