Rubric Capital Management Sends Letter Urging Xperi Inc. Stockholders to Reject the Status Quo of Value Destruction Under Current Board

Rubric Capital Management LP (“Rubric”), an investment advisor whose managed funds and accounts collectively own approximately 9.0% of the outstanding shares of common stock of Xperi Inc. (NYSE: XPER) (“Xperi” or the “Company”), today sent a letter to Xperi stockholders urging them to reject the status quo of value destruction under the current Board of Directors by replacing incumbent directors David Habiger and Darcy Antonellis with Rubric’s nominees, Thomas A. Lacey and Deborah S. Conrad, at Xperi’s Annual Meeting of Stockholders, which is scheduled to be held on May 24, 2024.

In its letter, Rubric also outlined a plan to restore and rebuild stockholder value at Xperi, inclusive of the following, readily accessible initiatives, which Rubric’s nominees are prepared to execute:

1. Restore Accountability
2. Evaluate Perceive and Other Projects
3. Reduce Excessive Costs
4. Institute Pay-for-Performance

The full text of the letter follows:

May 16, 2024

Dear Fellow Stockholder,

Xperi Inc.’s (“Xperi” or the “Company”) 2024 Annual Meeting of Stockholders (the “Annual Meeting”) scheduled to be held on May 24, 2024 is fast approaching. In just a few short days, stockholders will cast a vote in favor of one of the following paths forward for the Company:

A.	Renewed accountability and alignment on the Xperi Board of Directors (the “Board”) and a clear plan to create meaningful stockholder value.
B.	More of the status quo – continued value destruction under a Board with a long history of underperformance and poor decision making at the expense of stockholders.

Rubric Capital Management LP (“Rubric”) has nominated two highly-qualified, independent director candidates for election to the Board – Thomas A. Lacey and Deborah S. Conrad – to shepherd the Company along path A. Our director nominees, who include 1) the former CEO of Xperi’s predecessor company during a period of significant share price outperformance and 2) a proven expert in commercializing technologies, possess the experience and skillsets necessary to address the challenges facing the Company, and bring with them an achievable plan to drive long-term value.