IMMERSION CORP — Proxy Solicitation & Information Statement 2019

Dec 31, 2019

DFAN14A 1 d791793ddfan14a.htm DFAN14A DFAN14A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934

Filed by the Registrant ☐ Filed by a Party other than the Registrant ☒

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☐	Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
☐	Definitive Proxy Statement
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☒	Soliciting Material Under Rule 14a-12

IMMERSION CORPORATION

(Name of the Registrant as Specified in its Charter)

VIEX OPPORTUNITIES FUND, LP – SERIES ONE

VIEX SPECIAL OPPORTUNITIES FUND II, LP

VIEX GP, LLC

VIEX SPECIAL OPPORTUNITIES GP II, LLC

VIEX CAPITAL ADVISORS, LLC

ERIC SINGER

STEPHEN DOMENIK

MARY L. DOTZ

FRANK FINK

CAMILLO MARTINO

(Name of Person(s) Filing Proxy Statement, if Other than the Registrant)

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On December 31, 2019, VIEX Opportunities Fund, LP – Series One, VIEX Special Opportunities Fund II, LP, VIEX GP, LLC, VIEX Special Opportunities GP II, LLC, VIEX Capital Advisors, LLC and Eric Singer filed Amendment No. 4 to Schedule 13D (“Amendment No. 4”) with the Securities and Exchange Commission with respect to Immersion Corporation. Amendment No. 4 is filed as Exhibit 1 hereto and is incorporated herein by reference.

Exhibits

Exhibit 1 Amendment No. 4 to Schedule 13D of VIEX Opportunities Fund, LP – Series One, VIEX Special Opportunities Fund II, LP, VIEX GP, LLC, VIEX Special Opportunities GP II, LLC, VIEX Capital Advisors, LLC and Eric Singer filed with the SEC on December 31, 2019.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

(Rule 13d-101)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT

TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO

§ 240.13d-2(a)

(Amendment No. 4)1

Immersion Corporation

(Name of Issuer)

Common Stock, $0.001 par value per share

(Title of Class of Securities)

452521107

(CUSIP Number)

ERIC SINGER

VIEX CAPITAL ADVISORS, LLC

745 Boylston Street

3rd Floor

Boston Massachusetts 02116

(212) 752-5750

COPIES TO:

Jeffrey Kochian, Esq.

Akin Gump Strauss Hauer & Feld LLP

One Bryant Park

New York, NY 10036

(212) 872-1000

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

December 30, 2019

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box ☒.

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See § 240.13d-7 for other parties to whom copies are to be sent.

1 The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes ).

CUSIP No. 452521107

| 1 | NAME OF REPORTING PERSONS VIEX Opportunities Fund, LP – Series One* | | --- | --- | | 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ☐ (b) ☐ | | 3 | SEC USE ONLY | | 4 | SOURCE OF FUNDS WC | | 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) ☐ | | 6 | CITIZENSHIP OR PLACE OF ORGANIZATION DELAWARE |

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	SOLE VOTING POWER - 0 -
8	SHARED VOTING POWER 1,357,934
9	SOLE DISPOSITIVE POWER - 0 -
10	SHARED DISPOSITIVE POWER 1,357,934

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,357,934
12	CHECK BOX IF THE AGGREGATE AMOUNT IN
ROW (11) EXCLUDES CERTAIN SHARES ☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT
IN ROW (11) 4.3%
14	TYPE OF REPORTING PERSON PN

• This Series One is part of a series of VIEX Opportunities Fund, LP, a series limited partnership.

CUSIP No. 452521107

| 1 | NAME OF REPORTING PERSONS VIEX Special Opportunities Fund II, LP | | --- | --- | | 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ☐ (b) ☐ | | 3 | SEC USE ONLY | | 4 | SOURCE OF FUNDS WC | | 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) ☐ | | 6 | CITIZENSHIP OR PLACE OF ORGANIZATION DELAWARE |

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	SOLE VOTING POWER - 0 -
8	SHARED VOTING POWER 2,387,898
9	SOLE DISPOSITIVE POWER - 0 -
10	SHARED DISPOSITIVE POWER 2,387,898

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,387,898
12	CHECK BOX IF THE AGGREGATE AMOUNT IN
ROW (11) EXCLUDES CERTAIN SHARES ☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT
IN ROW (11) 7.5%
14	TYPE OF REPORTING PERSON PN

CUSIP No. 452521107

| 1 | NAME OF REPORTING PERSONS VIEX GP, LLC | | --- | --- | | 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ☐ (b) ☐ | | 3 | SEC USE ONLY | | 4 | SOURCE OF FUNDS AF | | 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) ☐ | | 6 | CITIZENSHIP OR PLACE OF ORGANIZATION DELAWARE |

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	SOLE VOTING POWER - 0 -
8	SHARED VOTING POWER 1,357,934
9	SOLE DISPOSITIVE POWER - 0 -
10	SHARED DISPOSITIVE POWER 1,357,934

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,357,934
12	CHECK BOX IF THE AGGREGATE AMOUNT IN
ROW (11) EXCLUDES CERTAIN SHARES ☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT
IN ROW (11) 4.3%
14	TYPE OF REPORTING PERSON OO

CUSIP No. 452521107

| 1 | NAME OF REPORTING PERSONS VIEX Special Opportunities GP II, LLC | | --- | --- | | 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ☐ (b) ☐ | | 3 | SEC USE ONLY | | 4 | SOURCE OF FUNDS AF | | 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) ☐ | | 6 | CITIZENSHIP OR PLACE OF ORGANIZATION DELAWARE |

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	SOLE VOTING POWER - 0 -
8	SHARED VOTING POWER 2,387,898
9	SOLE DISPOSITIVE POWER - 0 -
10	SHARED DISPOSITIVE POWER 2,387,898

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,387,898
12	CHECK BOX IF THE AGGREGATE AMOUNT IN
ROW (11) EXCLUDES CERTAIN SHARES ☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT
IN ROW (11) 7.5%
14	TYPE OF REPORTING PERSON OO

CUSIP No. 452521107

| 1 | NAME OF REPORTING PERSONS VIEX Capital Advisors, LLC | | --- | --- | | 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ☐ (b) ☐ | | 3 | SEC USE ONLY | | 4 | SOURCE OF FUNDS AF | | 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) ☐ | | 6 | CITIZENSHIP OR PLACE OF ORGANIZATION DELAWARE |

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	SOLE VOTING POWER - 0 -
8	SHARED VOTING POWER 3,745,832
9	SOLE DISPOSITIVE POWER - 0 -
10	SHARED DISPOSITIVE POWER 3,745,832

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,745,832
12	CHECK BOX IF THE AGGREGATE AMOUNT IN
ROW (11) EXCLUDES CERTAIN SHARES ☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT
IN ROW (11) 11.8%
14	TYPE OF REPORTING PERSON IA

CUSIP No. 452521107

| 1 | NAME OF REPORTING PERSONS Eric Singer | | --- | --- | | 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ☐ (b) ☐ | | 3 | SEC USE ONLY | | 4 | SOURCE OF FUNDS AF | | 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) ☐ | | 6 | CITIZENSHIP OR PLACE OF ORGANIZATION USA |

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	SOLE VOTING POWER - 0 -
8	SHARED VOTING POWER 3,745,832
9	SOLE DISPOSITIVE POWER - 0 -
10	SHARED DISPOSITIVE POWER 3,745,832

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,745,832
12	CHECK BOX IF THE AGGREGATE AMOUNT IN
ROW (11) EXCLUDES CERTAIN SHARES ☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT
IN ROW (11) 11.8%
14	TYPE OF REPORTING PERSON IN

The following constitutes Amendment No. 4 to the Schedule 13D filed by the undersigned (“Amendment No. 4”) and is being filed by the undersigned to revise and supplement certain information in the Schedule 13D. This Amendment No. 4 amends the Schedule 13D as specifically set forth herein.

All capitalized terms contained herein but not otherwise defined shall have the meanings ascribed to such terms in the Schedule 13D, as amended. Information given in response to each item shall be deemed incorporated by reference in all other items, as applicable.

Item 4. Purpose of the Transaction.

Item 4 of Schedule 13D is supplemented and superseded, as the case may be, as follows:

On December 30, 2019, Series One delivered to the Issuer a letter (the “Letter”) notifying the Issuer of its intent to nominate five persons (the “VIEX Nominees”) for election to the Board at the Issuer’s 2020 annual meeting of stockholders (the “2020 Annual Meeting”). The VIEX Nominees are Stephen Domenik, Mary L. Dotz, Franz Fink, Camillo Martino and Eric Singer. All such VIEX Nominees have agreed to serve as directors if elected.

Series One submitted the Letter to nominate the highly qualified VIEX Nominees to protect all shareholders from a Board that the Reporting Persons believe has shown no regard for its investors, has failed to implement a credible business plan to maximize shareholder value, has failed to protect shareholder resources, has engaged in irresponsible governance, and has compensation practices that have destroyed value for shareholders. The Reporting Persons ask the Board to accelerate the timing of the 2020 Annual Meeting so that all shareholders can vote against what the Reporting Persons believe to be an incapable board. The Reporting Persons strongly advise the Board to avoid taking any action to further disenfranchise shareholders or destroy additional value for shareholders until shareholders have the ability to vote for a new Board.

IMPORTANT INFORMATION

In connection with their intended proxy solicitation, VIEX Capital Advisers, LLC (“VIEX Capital”) and/or certain of its affiliates, together with the other participants named below, intend to file a proxy statement and accompanying proxy card with the Securities and Exchange Commission (the “SEC”) to solicit stockholders in connection with the 2020 annual meeting of stockholders of Immersion Corporation (the “Issuer”).

VIEX CAPITAL STRONGLY ADVISES ALL STOCKHOLDERS OF THE ISSUER TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC’S WEB SITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE PARTICIPANTS IN THIS PROXY SOLICITATION WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPANTS’ PROXY SOLICITOR.

In accordance with Rule 14a-12(a)(1)(i) under the Securities Exchange Act of 1934, as amended, the following persons are anticipated to be, or may be deemed to be, participants in any such proxy solicitation: VIEX Opportunities Fund, LP – Series One (“Series One”), VIEX Special Opportunities Fund II, LP (“VSO II”), VIEX GP, LLC (“VIEX GP”), VIEX Special Opportunities GP II, LLC (“VSO GP II”), VIEX Capital, Eric Singer (“Mr. Singer”), Stephen Domenik (“Mr. Domenik”), Mary L. Dotz (“Ms. Dotz”), Frank Fink (“Dr. Fink”), and Camillo Martino (“Mr. Martino”, and together with Mr. Singer, Mr. Donenik, Ms. Dotz and Dr. Fink, the “Nominees”). Certain of these persons hold or may be deemed to hold direct or indirect interests as of 4:00 p.m. New York City time on December 30, 2019 as follows: Series One directly holds and beneficially owns 1,357,934 shares of common stock of the Issuer, including 1,000 shares of common stock held of record; VSO II directly holds and beneficially owns 2,387,898 shares of common stock of the Issuer; VIEX GP, as the general partner of Series One, beneficially owns the 1,357,934 shares of common stock of the Issuer held by Series One; VSO GP II, as the general partner of VSO II, beneficially owns the 2,387,898 shares of common stock of the Issuer held by VSO II; VIEX Capital, as the investment manager of Series One and VSO II, beneficially owns the 3,745,832 shares of common stock of the Issuer held in the aggregate by Series One and VSO II; Mr. Singer, as managing member of each of VIEX GP, VSO GP II and VIEX Capital, beneficially owns the 3,745,382 shares of common stock of the Issuer held in the aggregate by Series One and VSO II; each of the Nominees has an interest in being nominated and elected as a director of the Issuer but no Nominee other than Mr. Singer beneficially owns any shares of common stock of the Issuer.

The Reporting Persons intend to review their investment in the Issuer on a continuing basis. Depending on various factors including, without limitation, the Issuer’s financial position and investment strategy, the price levels of the Shares, conditions in the securities markets and general economic and industry conditions, the Reporting Persons may in the future take such actions with respect to their investment in the Issuer as they deem appropriate including, without limitation, engaging in communications with management and the Board of the Issuer, engaging in discussions with stockholders of the Issuer, industry participants and others about the Issuer and the Reporting Persons’ investment and potential strategic alternatives for the Issuer, making proposals to the Issuer concerning changes to the capitalization, ownership structure, potential strategic alternatives, board structure (including board composition) or operations of the Issuer, purchasing additional Shares, selling some or all of their Shares, engaging in short selling of or any hedging or similar transaction with respect to the Shares, or changing their intention with respect to any and all matters referred to in Item 4.

SIGNATURES

After reasonable inquiry and to the best of his knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct.

Dated: December 31, 2019

| VIEX Opportunities Fund, LP – Series One — By: | VIEX GP, LLC General Partner | | | --- | --- | --- | | By: | /s/ Eric Singer | | | | Name: | Eric Singer | | | Title: | Managing Member | | VIEX GP, LLC | | | | By: | /s/ Eric Singer | | | | Name: | Eric Singer | | | Title: | Managing Member | | VIEX Special Opportunities Fund II, LP | | | | By: | VIEX Special Opportunities GP II, LLC General Partner | | | By: | /s/ Eric Singer | | | | Name: | Eric Singer | | | Title: | Managing Member | | VIEX Special Opportunities GP II, LLC | | | | By: | /s/ Eric Singer | | | | Name: | Eric Singer | | | Title: | Managing Member | | VIEX Capital Advisors, LLC | | | | By: | /s/ Eric Singer | | | | Name: | Eric Singer | | | Title: | Managing Member | | /s/ Eric Singer | | | | Eric Singer | | |