On May 8, 2024, Rubric Capital Management LP announced that it has issued a press release and an open letter to shareholders of Xperi Inc, stating that it has underscored Company?s and its predecessor company?s poor total shareholder return under the watch of David Habiger and Darcy Antonellis, and contrasted the superior qualifications, skills, and track records of Lacey and Conrad with those of the incumbent directors. In addition, Rubric Capital stated that since the spin-off in 2022, the Company has generated a total shareholder return of nearly -34% while stock-based compensation has increased dramatically, further siphoning the Company from investors. Further, Rubric Capital urged the shareholders of the Company to vote for its board nominees Thomas A. Lacey and Deborah S. Conrad and urging them to replace the Company board nominees David Habiger and Darcy Antonellis, at the 2024 annual meeting of shareholders scheduled to be held on May 24, 2024.