Xperi Holding Corp. on Monday completed the spinoff of its intellectual property licensing business, sending its stock plunging.
The IP side of the business is now known at Adeia Inc. and is led by Paul Davis, Xperi's former chief legal officer who was promoted to be the new company's CEO in May. Adeia says it has an IP portfolio of over 9,500 media and semiconductor patent assets. It says its"internal innovation engine" accounts for about 85% of its patent portfolio.
Shares of Adeia jumped by about 92% in their debut and added another 12% in early trading on Tuesday.
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