Immersion settles patent litigation with Meta; expects ~$17.5M after fees

IMMERSION CORP

Immersion signs Patent License and Settlement Agreement with Meta Platforms, resolving all outstanding litigation.
Immersion expects to receive approximately $17,500,000 after deducting legal fees and other liabilities.
License grants Meta non-exclusive use of Immersion's haptics patent portfolio for hardware, software, VR, and gaming products.
Settlement includes dismissal of litigation and inter partes reviews of Immersion's patents.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

IMMERSION CORP entered into License and Settlement Agreement with Meta Platforms, Inc. valued at $17,500,000 (effective 2024-02-09).

Action: entry
Agreement: settlement
Counterparty: Meta Platforms, Inc.
Value: $17,500,000
Effective: 2024-02-09

Exact text from the filing

On February 9, 2024, Immersion entered into a Patent License and Settlement Agreement (the “License and Settlement Agreement”) with Meta, pursuant to which the parties have agreed to terms for resolving the Litigation and Meta will license, on a non-exclusive basis, Immersion’s patent portfolio for use in its products.

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IMMERSION CORP filing history →

Source: SEC EDGAR

accession 0001213900-24-013643

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