[SCHEDULE 13G] Immersion Corp SEC Filing

Rhea-AI Filing Summary

Alset Inc. (AEI) 8-K: On 23 Jul 2025 the company closed its purchase of New Energy Asia Pacific Inc. (NEAPI) from Chairman/CEO Chan Heng Fai for an $83 m, 1% promissory note convertible at $3.00 per share. Immediately after closing, Chan converted the entire note into 27.67 m restricted AEI shares, retiring the debt.

NEAPI owns 41.5 % of Hong-Kong based New Energy Asia Pacific Co., a distributor of all-electric specialty vehicles, charging stations and batteries. Management calls the deal a strategic push into sustainable transport, citing signed MOUs and “strong interest” from Asian municipal customers that could drive near-term revenue growth.

The all-stock consideration increases AEI’s outstanding share count and further concentrates insider ownership. Because the seller is AEI’s largest shareholder, the transaction is a related-party deal; the share issuance relied on the Section 4(a)(2) private-placement exemption.

Positive

• Elimination of $83 m debt through immediate note conversion strengthens balance sheet.
• Strategic entry into EV distribution aligns with high-growth, sustainability-focused market.
• 1% interest rate limited carrying cost prior to conversion.

Negative

• 27.7 m new shares create substantial dilution for existing shareholders.
• Related-party transaction with Chairman raises governance and valuation concerns.
• No financial metrics or accretion analysis provided for acquired business.

Insights

Equity Research Analyst

TL;DR Strategic EV entry, debt removed, but dilution heavy and revenue still speculative—overall neutral.

The $83 m note’s immediate conversion eliminates leverage and gives AEI exposure to fast-growing electric specialty vehicles. However, the 27.7 m new shares materially dilute existing holders; at a $3 conversion price the deal implies a rich 1.8× book multiple for an unproven asset. No pro-forma revenue or EBITDA were disclosed, so it is difficult to gauge accretion. Execution risk in EV distribution across Asia remains high.

Corporate Governance Specialist

TL;DR Insider self-dealing and significant dilution raise governance red flags—negative.

The seller is AEI’s Chairman/CEO and gains additional control via new stock, yet the board has not disclosed an independent fairness opinion. Minority investors now face both ownership concentration and uncertain valuation of NEAPI. Lack of registration and limited financial disclosure increase risk of future scrutiny.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

IMMERSION CORP

(Name of Issuer)

Common Stock

(Title of Class of Securities)

452521107

(CUSIP Number)

06/20/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 452521107

1

Names of Reporting Persons

Irrevocable Larson Family Investment Trust

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

TEXAS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,726,000.00
6	Shared Voting Power 2,000.00
7	Sole Dispositive Power 1,726,000.00
8	Shared Dispositive Power 2,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,728,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.3 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: IMMERSION CORP
(b)	Address of issuer's principal executive offices: 2999 N. E. 191ST STREET, SUITE 610, AVENTURA, FLORIDA, 33180
Item 2.
(a)	Name of person filing: The Irrevocable Larson Family Investment Trust
(b)	Address or principal business office or, if none, residence: 3608 Lexington Ave. Dallas, Texas 75205
(c)	Citizenship: Texas
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 452521107
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The Irrevocable Larson Family Investment Trust - 1,620,000 shares The Irrevocable Larson Family Investment Trust - 1080 call option contracts
(b)	Percent of class: 5.334 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1,726,000
	(ii) Shared power to vote or to direct the vote: 2,000
	(iii) Sole power to dispose or to direct the disposition of: 1,726,000
	(iv) Shared power to dispose or to direct the disposition of: 2,000
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Irrevocable Larson Family Investment Trust

Signature:	Grayson Linyard
Name/Title:	Attorney in Fact
Date:	07/23/2025

Comments accompanying signature: Incorporating by reference the Power of Attorney attached to SEC Accession No. 0002021477-24-000005

FAQ

What did Alset Inc. (AEI) acquire on July 23 2025?

AEI acquired 100% of New Energy Asia Pacific Inc., which holds 41.5% of Hong Kong-based New Energy Asia Pacific Company Limited.

How much did AEI pay for NEAPI?

$83 million via a 1% promissory note convertible at $3.00 per share.

How many AEI shares were issued in the transaction?

27,666,667 restricted common shares were issued to Chairman Chan Heng Fai upon note conversion.

Will the acquisition affect AEI’s debt levels?

Yes. The note’s immediate conversion removes the $83 million liability, leaving no new debt from the deal.

Why is the deal considered a related-party transaction?

The seller, Chan Heng Fai, is AEI’s Chairman, CEO and largest shareholder, creating potential conflicts of interest.