Xperi Mails Definitive Proxy Statement and Issues Letter to Stockholders Highlighting the Company’s Transformation, Strategy and Business Progress

Xperi Inc. (NYSE: XPER) (the “Company” or “Xperi”), an entertainment technology company that invents, develops, and delivers technologies that enable extraordinary experiences, today mailed definitive proxy materials to Xperi stockholders in connection with Xperi’s 2024 annual meeting of stockholders, which is scheduled to be held on May 24, 2024 (the “Annual Meeting”). Stockholders as of the close of business on March 28, 2024 will be entitled to vote at this meeting.

The proxy statement and other important information relating to the Annual Meeting can be found at https://investor.xperi.com. The Xperi Board of Directors (the “Board”) encourages all stockholders to vote “FOR” all five of Xperi’s nominees on the BLUE proxy card.

Xperi also sent a letter to stockholders. In the letter, Xperi’s Board describes:

• Xperi’s multi-year transformation from Tessera – a business that was highly dependent on semiconductor IP licensing – to a consumer entertainment technology-focused company;

• The actions the Board has taken to drive that transformation, including acquiring and growing new businesses, separating the legacy IP licensing business, and divesting non-core assets;

• The Company’s strong financial performance since the separation of Xperi from the IP licensing business in 2022, including five consecutive quarters of year-over-year revenue growth through December 31, 2023, culminating in the Company’s highest ever Adjusted EBITDA and Adjusted EBITDA margin;¹

• The progress being made by executing across each of Xperi’s businesses; and

• The expected revenue growth and margin expansion under Xperi’s focused business model.

In the letter, the Board also comments on the puzzling campaign being waged by Rubric Capital to replace half of Xperi’s independent directors with individuals whose skills are not additive to those of Xperi’s current directors. Despite the Company’s extensive efforts to engage constructively with Rubric and listen to their input, Rubric has not identified any concerns that Xperi is not already addressing, nor has it provided any concrete recommendations on how to improve Xperi.

The full text of the letter follows:

Dear Fellow Xperi Stockholders,

This year’s Annual Meeting of Stockholders (the “Annual Meeting”) of Xperi Inc. (“Xperi” or the “Company”) will be held on May 24, 2024, and it is particularly important.

Enclosed you will find materials highlighting the Company’s transformation, strategy and progress, all of which have been driven by our experienced management team and highly qualified, purpose-built Board of Directors (the “Board”). We encourage you to review these materials carefully and vote today using the instructions on the enclosed BLUE proxy card.