The company formally completed their “rights offering,” with existing shareholders buying about 642 million of the 900 million shares of stock offered, at 5 cents a share. That leaves the “backstop” buyers — primarily Immersion Corporation/Toro 18, plus Outerbridge Capital Management and the Selz Family 2011 Trust — on the hook for only $12.9 million to buy up the remaining shares. The company expects to issue the new shares on June 10. Separately, Greenhaven Capital, which had built a 9.9 percent position in the company and flirted with putting together a competing buyout offer, took advantage of the weird interest […]
