Universal Electronics Inc. Announces Cooperation Agreement with Immersion Corporation
22 Diciembre 2023 - 6:05AM
Business Wire
Appoints Eric Singer to the Board and Reaffirms
Commitment to Strong Corporate Governance and Enhancing Stockholder
Value
Universal Electronics Inc. (the “Company” or “UEI”)
(NASDAQ: UEIC), the global leader in wireless universal control
solutions for home entertainment and smart home devices, today
announced that it has entered into a cooperation agreement (the
“Agreement”) with Immersion
Corporation (“Immersion”) and certain
of its affiliates.
Under the terms of the Agreement, the Company’s board of
directors (the “Board”) has appointed
Eric Singer, President, Chief Executive Officer and Chairman of
Immersion, as a new independent director, to serve as a Class II
director, filling an existing vacancy on the Board. In addition,
the Board appointed Mr. Singer to the Board’s Compensation
Committee and will nominate Mr. Singer for election to the Board at
the Company’s 2024 annual meeting of stockholders.
Additionally, under the terms of the Agreement, Immersion has
the right to identify one additional member for appointment to the
Board effective immediately following the Company’s 2025 annual
meeting of stockholders, subject to certain conditions, including,
among other things, Immersion’s continued ownership of a specified
minimum number of shares of the Company’s common stock and the
additional director satisfying the Company’s and Nasdaq’s
independence standards. During the term of the Agreement, Immersion
has agreed to customary standstill provisions and voting
commitments.
The Agreement is the latest step that the Company has taken to
demonstrate its commitment to maintaining strong corporate
governance and enhancing value for all stockholders. Earlier this
year, the Board elected William Mulligan as Lead Independent
Director of the Board.
“We are pleased to have reached this amicable agreement with
Immersion,” said Paul D. Arling, the Company’s Chairman of the
Board and Chief Executive Officer. “Eric has significant public
company experience as a director and is a welcomed addition to our
Board as we work towards a common goal of increasing the Company’s
profitability, accelerating its long-term growth and maximizing
stockholder value. The Company looks forward to leveraging Eric’s
expertise as we continue to position the Company for value
creation.”
“Immersion appreciates the engagement we have had with the Board
and management team of UEI over the last several months,” said Mr.
Singer. “I am excited to join the Board at such a pivotal time. I
look forward to working with the Board to help UEI meet its full
potential and maximize value for all stockholders.”
About Universal
Electronics
Universal Electronics Inc. (NASDAQ: UEIC) is the global leader
in wireless universal control solutions for home entertainment and
smart home devices and designs, develops, manufactures, ships and
supports hardware and software control and sensor technology
solutions. UEI partners with many Fortune 500 customers, including
Comcast Corporation, Vivint Smart Home, Inc., Samsung Electronics
Co., Ltd., LG Corporation, Sony Group Corporation and Daikin
Industries, Ltd. to serve video, telecommunications, security
service providers, television, smart home and HVAC system
manufacturers. For over 37 years, UEI has been pioneering
breakthrough innovations such as voice control and QuickSet cloud,
the world's leading platform for automated set-up and control of
devices in the home. For more information, visit www.uei.com.
Forward-looking
Statements
This press release and accompanying schedules contain
“forward-looking statements” within the meaning of federal
securities laws, including net sales, profit margin and earnings
trends, estimates and assumptions; our expectations about new
product introductions; and similar statements concerning
anticipated future events and expectations that are not historical
facts. We caution you that these statements are not guarantees of
future performance and are subject to numerous risks and
uncertainties, including those we identify below and other risk
factors that we identify in our annual report on Form 10-K for the
year ended December 31, 2022 and the periodic reports filed and
furnished since then. Risks that could affect forward-looking
statements in this press release include: increasing the Company’s
profitability, accelerating the Company’s long-term growth, and
maximizing shareholder value, all as anticipated by management.
Since it is not possible to predict or identify all of the risks,
uncertainties and other factors that may affect future results, the
above list should not be considered a complete list. Further, any
of these factors could cause actual results to differ materially
from the expectations we express or imply in this press release. We
make these forward-looking statements as of December 22, 2023, and
we undertake no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20231222075698/en/
Paul Arling, Chairman & CEO, UEI, 480-530-3000 Investors:
Kirsten Chapman, LHA Investor Relations, uei@lhai.com, 415-433-3777
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