Immersion to backstop BNED rights offering, invest up to $80M and convert debt

IMMERSION CORP

Immersion subsidiary Toro 18 commits up to $35M backstop for BNED rights offering at $0.05/share.
Immersion to purchase 900M PIPE shares for $45M; Vital purchases 100M PIPE shares for $5M.
All outstanding BNED debt under Term Credit Agreement converts to equity at $0.05/share.
Immersion designates four board members (Eric Singer, W. Martin, E. Hoffman, E. Nader) post-closing.
Immersion expects total stockholder equity ~$200M as of March 31, 2024.

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