Core Insights - BitMine Immersion Technologies (BMNR) experienced a significant stock surge, with shares up 130.8% in a single day and approximately 2,450% over the past week [1][2]. Group 1: Company Developments - The appointment of Wall Street strategist Tom Lee as chairman of BitMine's board has catalyzed a substantial rally in the stock price [2][4]. - BitMine is raising $250 million through a private funding round, which will be utilized to position the company as one of the largest publicly traded Ethereum investment firms [5][6]. - The company aims to leverage the growing interest in stablecoins on the Ethereum network to enhance its investment strategy [5]. Group 2: Market Strategy - Tom Lee's reputation in the cryptocurrency space is expected to unlock new opportunities for BitMine and attract further funding [6]. - The strategy involves selling additional stock to increase Ethereum holdings, mirroring successful approaches seen in Bitcoin investments [6]. - If Ethereum's value continues to rise, BitMine could benefit from a cycle of issuing more stock, potentially leading to further increases in share price [7].

Company Overview - BitMine has announced a private placement for the purchase and sale of 55,555,556 shares of common stock at a price of $4.50 per share, expecting gross proceeds of approximately $250 million [3][5] - The company focuses on accumulating cryptocurrencies for long-term investment, with operations in Bitcoin mining and Ethereum treasury strategy [12] Leadership Changes - Thomas Lee has been appointed as the Chairman of the Board of Directors, effective immediately [1][6] - Lee emphasized the convergence of traditional financial services and crypto, highlighting the quality of investors involved in the transaction [6] Treasury Strategy - The proceeds from the private placement will be used to acquire Ethereum (ETH) as the company's primary treasury reserve asset, enhancing its treasury strategy [5][6] - BitMine aims to increase its treasury holdings significantly, with existing treasury holdings increased by over 16 times [2] Market Context - The stablecoin market is projected to grow from $250 billion to potentially $2 trillion, with Ethereum being the primary blockchain for stablecoin transactions [7] - The company plans to leverage its ETH treasury position for protocol-level activities, including staking and decentralized finance mechanisms [6][7] Partnerships and Advisors - The transaction was led by MOZAYYX, with participation from notable investors such as Founders Fund, Pantera, and Kraken [4][6] - FalconX, Kraken, and Galaxy Digital will partner with BitMine to develop a world-class Ethereum treasury strategy [7]

Core Viewpoint - BitMine Immersion Technologies, Inc. has successfully established a Bitcoin Treasury by utilizing proceeds from a recent stock offering to purchase Bitcoin, demonstrating its commitment to long-term investment in Bitcoin [1][2]. Financial Summary - The net proceeds from the recent offering of common stock amounted to approximately $16.340 million after deducting fees and expenses [1]. - The company spent $16.347 million to acquire 154.167 Bitcoin, resulting in an average purchase price of $106,033 per Bitcoin [1]. Company Overview - BitMine focuses on the accumulation of Bitcoin for long-term investment through its mining operations and capital raising transactions [2]. - The company's business lines include Bitcoin mining, synthetic Bitcoin mining, hashrate as a financial product, and advisory services related to Bitcoin [2]. - BitMine operates in regions with low energy costs, specifically in Trinidad and Texas [2].

Core Viewpoint - Immersion Corporation (IMMR) is currently not attracting significant attention, but upcoming favorable developments may positively influence the stock price in the near future [1] Company Developments - Several favorable developments are anticipated in the coming months that could enhance the performance of IMMR stock [1]

Core Insights - Las Vegas Sands and the Thurgood Marshall College Fund have selected 15 students from 13 historically Black colleges and universities to participate in the Sands Hospitality Immersion Program, aimed at inspiring career exploration in the hospitality industry [1][2][7] Group 1: Program Overview - The Sands Hospitality Immersion Program will take place from June 2-6, 2025, in Las Vegas, providing students with a behind-the-scenes look at the hospitality industry [1][2] - The program includes on-campus learning sessions, industry speaker interactions, and hands-on activities such as a cooking competition led by executive chefs [5][6] - Students will receive insider tours of integrated resorts, convention spaces, and sports venues, enhancing their understanding of the hospitality sector [5][6] Group 2: Student Participation - The selected students are rising juniors and seniors studying various majors, including accounting, business administration, hospitality management, and supply chain management [3][4] - The program aims to expose students to a wide range of professional careers within the hospitality industry, which is one of the fastest-growing employment fields globally [4][8] Group 3: Industry Impact - The hospitality industry continues to experience significant job growth, with opportunities in hospitality operations, event management, and professional services [8] - Las Vegas Sands emphasizes its commitment to workforce development and attracting diverse candidates to the hospitality sector through initiatives like this immersion program [7][8] Group 4: Organizational Background - Las Vegas Sands is a leading global developer and operator of integrated resorts, contributing to leisure and business tourism while providing economic benefits and job creation in host regions [10][11] - The Thurgood Marshall College Fund is the largest organization representing the Black college community, supporting students through scholarships and partnerships with employers [13]

Company Performance - Immersion's stock closed at $7.11, reflecting a -1.93% change from the previous day, underperforming compared to the S&P 500's loss of 0.77% [1] - Over the past month, Immersion's stock has increased by 5.53%, which is below the Computer and Technology sector's gain of 16.73% and the S&P 500's gain of 11.54% [1] Financial Outlook - Market participants are anticipating Immersion's upcoming financial results, with a focus on any changes in analyst estimates that may indicate the company's business health and profitability [2] - The Zacks Rank system, which assesses estimate changes, currently ranks Immersion at 3 (Hold), with no change in the Zacks Consensus EPS estimate over the past month [4] Valuation Metrics - Immersion is currently trading at a Forward P/E ratio of 17.26, which is higher than the industry average Forward P/E of 14.65, suggesting that Immersion is trading at a premium [5] - The Computer - Peripheral Equipment industry, to which Immersion belongs, holds a Zacks Industry Rank of 89, placing it in the top 37% of over 250 industries [5]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q [x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 or (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 94-3180138 (I.R.S. Employer Identification No.) 2999 N.E. 191st Street, Suite 610, Aventura, FL, 33180 (Address of principal executive of ic ...

[PART I: FINANCIAL INFORMATION](index=5&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) This section provides Immersion Corporation's unaudited financial statements, management's discussion, and internal control assessments [Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) Presents Immersion Corporation's unaudited condensed consolidated financial statements and accompanying notes for Q3 and 9M 2021 [Condensed Consolidated Financial Statements](index=5&type=section&id=Condensed%20Consolidated%20Financial%20Statements) Presents core unaudited financial tables, showing increased assets, a shift to net income, and positive operating cash flow Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2021 | Dec 31, 2020 | | :--- | :--- | :--- | | Cash and cash equivalents | $90,601 | $59,522 | | Marketable securities | $28,028 | $— | | Total current assets | $134,539 | $74,350 | | Total assets | $160,523 | $96,130 | | Total liabilities | $29,734 | $32,149 | | Total stockholders' equity | $130,789 | $63,981 | Condensed Consolidated Statements of Operations (in thousands) | Metric | Q3 2021 | Q3 2020 | 9M 2021 | 9M 2020 | | :--- | :--- | :--- | :--- | :--- | | Total revenues | $7,173 | $7,596 | $25,342 | $19,521 | | Operating income (loss) | $3,673 | $2,585 | $11,973 | $(3,022) | | Net income (loss) | $3,771 | $2,855 | $11,148 | $(2,685) | | Diluted net income (loss) per share | $0.12 | $0.11 | $0.36 | $(0.09) | Condensed Consolidated Statements of Cash Flows (in thousands) | Cash Flow Activity | Nine Months Ended Sep 30, 2021 | Nine Months Ended Sep 30, 2020 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $10,722 | $(2,988) | | Net cash provided by (used in) investing activities | $(32,775) | $2,960 | | Net cash provided by (used in) financing activities | $53,132 | $(30,489) | | Net increase (decrease) in cash | $31,079 | $(30,517) | [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Details accounting policies, revenue, investments, legal contingencies, and equity plans, highlighting haptic technology licensing and tax disputes - The company's business model focuses on the creation, design, development, and licensing of **haptic technologies**[27](index=27&type=chunk) Disaggregated Revenue (in thousands) | Revenue Type | Q3 2021 | Q3 2020 | 9M 2021 | 9M 2020 | | :--- | :--- | :--- | :--- | :--- | | Fixed fee license revenue | $1,247 | $1,243 | $4,346 | $3,821 | | Per-unit royalty revenue | $5,821 | $6,288 | $20,671 | $15,485 | | **Total royalty and license revenue** | **$7,068** | **$7,531** | **$25,017** | **$19,306** | - The company has ongoing legal contingencies with Samsung and LGE regarding withholding taxes in Korea, with provisional deposits of approximately **$6.9 million** (Samsung) and **$5.0 million** (LGE) recorded as long-term deposits[67](index=67&type=chunk)[68](index=68&type=chunk)[69](index=69&type=chunk) - An arbitration demand was filed against automotive licensee Marquardt GmbH for breach of contract and unpaid royalties, with last reported unpaid royalties of approximately **$0.5 million** for Q3 2020[72](index=72&type=chunk) - The company conducted two "at the market" stock offerings in 2021, raising net proceeds of **$35.9 million** (February) and approximately **$14.2 million** (July)[88](index=88&type=chunk)[90](index=90&type=chunk) - The company's 2011 Equity Incentive Plan expired on April 5, 2021, and as of September 30, 2021, no active equity incentive plan exists[75](index=75&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=27&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Analyzes financial performance, highlighting 30% revenue growth, reduced operating expenses, and improved liquidity from stock offerings [Results of Operations](index=28&type=section&id=Results%20of%20Operations) Analyzes Q3 and 9M 2021 financial results, showing 30% revenue growth driven by royalties and significant operating expense reductions Revenue Comparison - 9 Months Ended Sep 30 (in thousands) | Revenue Type | 2021 | 2020 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Fixed fee license | $4,346 | $3,821 | $525 | 14% | | Per-unit royalty | $20,671 | $15,485 | $5,186 | 33% | | **Total royalty and license** | **$25,017** | **$19,306** | **$5,711** | **30%** | | **Total revenues** | **$25,342** | **$19,521** | **$5,821** | **30%** | - The **$5.2 million (33%) increase** in per-unit royalty revenue for the first nine months of 2021 was driven by increases from **gaming licensees ($3.3 million)**, **mobility licensees ($1.1 million)**, and **automotive licensees ($0.9 million)**[131](index=131&type=chunk) Operating Expenses Comparison - 9 Months Ended Sep 30 (in thousands) | Expense Category | 2021 | 2020 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Sales and marketing | $2,743 | $4,067 | $(1,324) | (33)% | | Research and development | $3,442 | $3,932 | $(490) | (12)% | | General and administrative | $7,106 | $14,406 | $(7,300) | (51)% | - General and administrative expenses decreased by **$7.3 million (51%)** in the first nine months of 2021, primarily due to reduced compensation costs (**$3.2 million**), legal costs (**$1.8 million**), and consulting fees (**$1.0 million**)[146](index=146&type=chunk)[147](index=147&type=chunk) [Liquidity and Capital Resources](index=35&type=section&id=Liquidity%20and%20Capital%20Resources) Details the company's liquidity, highlighting a significant increase in cash and investments driven by stock offerings and positive operating cash flow - Cash, cash equivalents, and short-term investments totaled **$118.6 million** as of September 30, 2021, an increase of **$59.1 million** from December 31, 2020[159](index=159&type=chunk) Cash Flow Summary - 9 Months Ended Sep 30 (in thousands) | Cash Flow Activity | 2021 | 2020 | | :--- | :--- | :--- | | Net cash from operating activities | $10,722 | $(2,988) | | Net cash from investing activities | $(32,775) | $2,960 | | Net cash from financing activities | $53,132 | $(30,489) | - Net cash from financing activities was **$53.1 million** for the nine months ended September 30, 2021, primarily from **$50.1 million** in net proceeds from common stock issuances and **$2.9 million** from stock option exercises[165](index=165&type=chunk) - The company anticipates capital expenditures for the year ending December 31, 2021, will be **less than $1 million**[174](index=174&type=chunk) [Controls and Procedures](index=38&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective as of September 30, 2021, with no material changes to internal controls during the quarter - Management concluded that disclosure controls and procedures were **effective** as of September 30, 2021[179](index=179&type=chunk) - No material changes to internal controls over financial reporting occurred during the quarter ended September 30, 2021[180](index=180&type=chunk) [PART II: OTHER INFORMATION](index=39&type=section&id=PART%20II%20OTHER%20INFORMATION) This section covers legal proceedings, risk factors, and exhibits related to the company's operations and financial reporting [Legal Proceedings](index=39&type=section&id=Item%201.%20Legal%20Proceedings) Details ongoing legal matters, including tax disputes with Samsung and LGE, and an arbitration demand against Marquardt for unpaid royalties - Immersion is appealing a Korean High Court ruling on Samsung withholding taxes, where **~$5.2 million** for 2012-2014 was cancelled but **~$1.4 million** for 2015-2016 was upheld, with both parties appealing to the Supreme Court[185](index=185&type=chunk) - Immersion is appealing a Korean tax assessment on behalf of LGE for 2012-2014 royalty payments, with a provisional deposit of **~$5.0 million** made and a decision expected by February 2022[190](index=190&type=chunk)[191](index=191&type=chunk) - An arbitration demand was filed against automotive licensee Marquardt for breach of contract and unpaid royalties, with approximately **$0.5 million** in royalties for Q3 2020 last reported but unpaid[194](index=194&type=chunk) [Risk Factors](index=42&type=section&id=Item%201A.%20Risk%20Factors) Outlines key business risks, including customer concentration, licensing challenges, IP litigation, supply chain issues, and management turnover - A significant portion of revenue is derived from a **limited number of customers**, such as Samsung, posing a material risk if a major customer is lost[208](index=208&type=chunk) - The business depends on renewing existing and entering new licensing agreements on favorable terms, an **uncertain and resource-intensive process**[203](index=203&type=chunk)[204](index=204&type=chunk) - The company may face **expensive and time-consuming litigation** to enforce its IP rights, potentially diverting resources and adversely affecting the business[216](index=216&type=chunk) - Global shortages of electronic components, such as semiconductors, could decrease customer product production, leading to **lower royalty payments** to Immersion[214](index=214&type=chunk)[215](index=215&type=chunk) - Significant **senior management turnover**, including the CEO and General Counsel in 2021, could hinder strategy execution and create inefficiencies[231](index=231&type=chunk) - The company may purchase **highly volatile digital or alternative currencies**, potentially leading to material financial impacts through impairment charges[294](index=294&type=chunk) [Exhibits](index=61&type=section&id=Item%206.%20Exhibits) Lists exhibits filed with the Form 10-Q, including governance documents, equity agreements, and CEO/CFO certifications - The Exhibit Index lists all documents filed or incorporated by reference, including **governance documents**, the **July 2021 Equity Distribution Agreement**, and **CEO/CFO certifications**[306](index=306&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38334 IMMERSION CORPORATION (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38334 IMMERSION CORPORATION (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorpora ...