Business Context and Reporting Period
This Form 8-K is filed by Immersion Corporation (IMMR) on February 10, 2026. The report addresses a critical compliance issue regarding the company's listing status on the Nasdaq Global Market. The filing details the receipt of a Staff Determination Letter from Nasdaq due to the company's failure to file required periodic reports.
Key Financial Metrics
The filing text does not provide specific financial metrics such as revenue, profit, cash flow, margins, debt, or liquidity figures. The document focuses exclusively on regulatory compliance and reporting delays rather than financial performance data.
Material Changes and Events
- Nasdaq Non-Compliance: Immersion received a Staff Determination Letter on February 10, 2026, citing non-compliance with Nasdaq Listing Rule 5250(c)(1) (the Filing Rule).
- Delayed Filings: The company has not filed its Form 10-Q for the quarters ended July 31, 2025, and October 31, 2025, nor its Form 10-K for the fiscal year ended April 30, 2025.
- Reason for Delay: The delays are attributed to ongoing audit committee investigations at Immersion and its consolidated subsidiary, Barnes & Noble Education, Inc. (BNED). These investigations necessitate a restatement of previously issued financial information, preventing the completion of the financial reporting process.
- Previous Notifications: The company had previously notified the SEC of these late filings via Form 12b-25 on July 30, September 16, and December 16, 2025.
Outlook, Risks, and Management Commentary
- Immediate Impact: The Staff Determination Letter does not immediately result in the suspension of trading or delisting of the company's securities.
- Next Steps: Immersion intends to timely submit a request for a hearing before a Nasdaq Hearings Panel. This request will automatically stay the suspension of securities for 15 calendar days from the date of the request.
- Timeline: Hearings are typically scheduled 30-45 days after the request. The company is seeking an extended stay pending the hearing and the panel's decision.
- Risks: There is no assurance that the Hearings Panel will grant requests for additional time. The company is working diligently to complete the restatement and file the delayed reports to regain compliance.
Investor Verification Checklist
- Verify the status of the audit committee investigations regarding Immersion and BNED.
- Monitor the timeline for the submission of the delayed Form 10-Q and Form 10-K reports.
- Track the scheduling and outcome of the requested Nasdaq Hearings Panel hearing.
- Review the upcoming press release (Exhibit 99.1) for additional details on the restatement scope.
- Confirm whether the company successfully obtains an extended stay of suspension pending the hearing decision.