SAN JOSE, Calif. – Xperi Holding Corporation (Nasdaq: XPER), (the "Company") today announced that its Board of Directors ("Board") has approved the details and timing of the previously announced Spin-Off (the "Spin-Off") of the Company's product business, Xperi Inc. ("Xperi Inc.") from the Company's IP licensing business, Adeia.

The Board has declared a distribution of the then issued and outstanding shares of common stock, par value $0.001 per share, of Xperi Inc. (the "Xperi Inc. Common Stock"), as a dividend on a pro rata basis to the Company's stockholders of record as of the close of business on Wednesday, September 21, 2022 (the "Record Date"). Each Company stockholder of record on the Record Date will receive a distribution of four shares of Xperi Inc. Common Stock for every ten shares of common stock, par value $0.001 per share, of the Company, that it holds on the Record Date. Each Company stockholder of record on the Record Date will receive cash in lieu of the fractional shares of Xperi Inc. Common Stock created as a result of the Spin-Off.

The Spin-Off is expected to occur on or about October 1, 2022. Upon completion of the Spin-Off, Xperi Inc. will be an independent, publicly traded company, and the Company will retain no ownership interest in Xperi Inc. It is anticipated that "when-issued" trading in Xperi Inc. Common Stock on the New York Stock Exchange ("NYSE") will begin on or about September 20, 2022, under the symbol "XPER WI," and that Xperi Inc. Common Stock will begin "regular-way" trading on the NYSE on October 3, 2022 under the symbol "XPER". The Company will be renamed Adeia Inc. and is expected to remain trading on the Nasdaq under the new stock symbol "ADEA".

Read the full announcement here.

Xperi