IMMERSION CORP 4

What Happened Toro 18 Holdings LLC, a reported >10% owner of Barnes & Noble Education (BNED), sold derivative-linked securities (reported as sales of put-related obligations) totaling 19,000 units in open-market transactions on July 6–7, 2026. The Form 4 lists three reported disposals: 5,000 at $1.50 ($7,500), 12,000 at $1.88 ($22,600) and 2,000 at $1.50 ($3,000), for aggregate proceeds of about $33,100. These are sales of derivative instruments (put obligations), not purchases of common stock.

Key Details

• Transaction dates: July 6, 2026 (5,000 and 12,000 units) and July 7, 2026 (2,000 units).
• Reported per-line prices and totals: 5,000 @ $1.50 = $7,500; 12,000 @ $1.88 = $22,600; 2,000 @ $1.50 = $3,000. Total ≈ $33,100.
• Footnote: Reporting persons state sales were made in multiple transactions at prices ranging $1.80–$2.30 per put option; the filing shows weighted-average prices and the reporting persons will provide a full breakdown on request.
• Ownership after transaction: not specified in the provided Form 4 (not disclosed).
• Filing timeliness: Form filed July 8, 2026 for transactions on July 6–7, consistent with routine Section 16 timing (no late filing indicated).
• Reporting group: The Form 4 is filed jointly by Toro 18, Immersion Corporation, and individuals (William C. Martin and Eric Singer); they note a Section 13(d) group with Emily S. Hoffman. Each reporting person disclaims beneficial ownership except for any pecuniary interest; Ms. Hoffman will file separately.

Context These were sales of derivative instruments (puts), meaning the reporting persons sold obligations related to purchasing shares rather than selling underlying common stock outright. The filing relates to a 10% owner / institutional grouping with ties to directors on BNED's board; this is institutional/related-party derivative activity rather than a direct executive buy or sale of common shares. As always, derivative transactions can have different risk/receipt profiles than simple stock trades—review the Form 4 and footnotes for full pricing details if needed.