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Rubric Capital Management LP ("Rubric"), an investment advisor whose managed funds and accounts collectively own approximately 9.0% of the outstanding shares of common stock of Xperi Inc. (NYSE:XPER) ("Xperi" or the "Company"), today filed its definitive proxy statement with the Securities and Exchange Commission in connection with its nomination of Thomas A. Lacey and Deborah S. Conrad for election to Xperi's Board of Directors (the "Board") at the Company's 2024 Annual Meeting of Stockholders, which is scheduled to be held on May 24, 2024.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240417649522/en/
Rubric also sent a letter to Xperi stockholders outlining the urgent need for change at the Company in order to reverse its history of underperformance and poor decisions under the incumbent Board and drive long-term stockholder value.
The full text of the letter follows:
April 17, 2024
Dear Fellow Stockholder:
At Xperi Inc.'s ("Xperi" or the "Company") upcoming 2024 Annual Meeting of Stockholders, which is scheduled to be held on May 24, 2024, you will be presented with a choice: maintain the status quo of underperformance by voting for an incumbent Board of Directors (the "Board") which has overseen years of stockholder value destruction, or elect to the Board two new directors with the perspectives, skills and expertise to help set Xperi on a trajectory of sustained growth and profitability. As a large, long-term Xperi stockholder who, like you, has seen the value of our investment deteriorate, we urge you to choose the latter by voting FOR our director nominees – Thomas A. Lacey and Deborah S. Conrad – on the enclosed WHITE proxy card today.
Posted In: XPER
