IMMR stock pitch

The pitch presents a bullish case for Immersion Corporation (IMMR). The author breaks down the company's value into three parts: cash and investments, the IP business, and the stake in Barnes & Noble Education (BNED). The base case valuation is estimated at $8.72 per share, with potential upside from the appreciation of the BNED stake. Catalysts for the stock include the BNED appreciation, Russell 2000 inclusion, royalty cash flow, and buybacks. The author also notes the strong management and positive progress at BNED.