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IMMERSION CORP FILES (8-K) Disclosing Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

July 10, 2014

Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

(a) On July 7, 2014, Immersion Corporation ("Immersion") received a deficiency letter from The Listing Qualifications Department of The NASDAQ Stock Market LLC ("NASDAQ") indicating that it was no longer in compliance with NASDAQ's audit committee composition requirements as such requirements are set forth in NASDAQ Listing Rule 5605 ("Rule 5605").

The deficiency letter states that Immersion has until the earlier of Immersion's next annual shareholder's meeting or June 6, 2015; or if the next annual shareholders' meeting is held before December 2, 2014, then Immersion must evidence compliance no later than December 3, 2014 (the "Compliance Deadline") to comply with Rule 5605. No later than the Compliance Deadline, Immersion must submit to NASDAQ documentation, including the biographies of any new directors, evidencing compliance with the listing rules. Immersion intends to regain compliance in advance of the Compliance Deadline by identifying a director who meets the NASDAQ listing rules, including Rule 5605, to serve on the Audit Committee of the Board of Directors of Immersion and will submit documentation to NASDAQ regarding such director.

This deficiency is the result of the expiration of Mr. John Fichthorn's term of service on Immersion's Board of Directors, as previously disclosed in Immersion's Current Report on Form 8-K filed with the Securities and Exchange Commission on June 10, 2014.


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Source: Edgar Glimpses

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