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Immersion Shares Triple on Microsoft Settlement | |
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| Time: 12:39 EST/17:39 GMT | News Source: Yahoo News | Posted By: Alex Harris | ||
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Shares of Immersion Corp. nearly tripled in value on Tuesday after Microsoft Corp. settled a patent suit and said it would take an equity stake in the company, whose technology brings life-like touch sensations to computer mice and joysticks. Immersion shares leaped 200 percent to an 18-month high of $5.49 in early trade, before paring gains to trade at $4.85 in late morning on Nasdaq. Volume was 3.9 million share, more than 150 times the daily average. Late on Monday, Immersion said it settled a lawsuit with Microsoft, the world's biggest software company. Microsoft agreed to pay Immersion $26 million in licensing fees, and said it would make an unspecified equity investment in Immersion. Microsoft will also lend the company up to $9 million in convertible debt. | ||
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