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Xperi stock plunged after it completed spinoff of patent business as Adeia - Silicon Valley Business Journal

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The San Jose-based company now known as Xperi Inc. retained the product side of its business, which includes digital video recorder TiVo and audio tech seller DTS. It spun off its patent licensing side as Adeia Inc.

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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