<SEC-DOCUMENT>0001085146-25-001463.txt : 20250214
<SEC-HEADER>0001085146-25-001463.hdr.sgml : 20250214
<ACCEPTANCE-DATETIME>20250214110158
ACCESSION NUMBER:		0001085146-25-001463
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250214
DATE AS OF CHANGE:		20250214

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Digimarc CORP
		CENTRAL INDEX KEY:			0001438231
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN [7373]
		ORGANIZATION NAME:           	06 Technology
		IRS NUMBER:				262828185
		STATE OF INCORPORATION:			OR
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-84546
		FILM NUMBER:		25624895

	BUSINESS ADDRESS:	
		STREET 1:		8500 SW CREEKSIDE PLACE
		CITY:			BEAVERTON
		STATE:			OR
		ZIP:			97008
		BUSINESS PHONE:		503-469-4800

	MAIL ADDRESS:	
		STREET 1:		8500 SW CREEKSIDE PLACE
		CITY:			BEAVERTON
		STATE:			OR
		ZIP:			97008

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DMRC CORP
		DATE OF NAME CHANGE:	20080620

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Altai Capital Management, L.P.
		CENTRAL INDEX KEY:			0001478982
		ORGANIZATION NAME:           	
		IRS NUMBER:				270488863
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		9040 SUNSET BLVD #1004
		CITY:			WEST HOLLYWOOD
		STATE:			CA
		ZIP:			90069
		BUSINESS PHONE:		949-326-9611

	MAIL ADDRESS:	
		STREET 1:		PO BOX 15203
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92623-9998
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:ns1="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>SCHEDULE 13G/A</submissionType>
    <previousAccessionNumber>0001085146-22-000821</previousAccessionNumber>
    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0001478982</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>4</amendmentNo>
      <securitiesClassTitle>Common Stock, $0.001 par value per share</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>12/31/2024</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001438231</issuerCik>
        <issuerName>Digimarc CORP</issuerName>
        <issuerCusip>25381B101</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <ns1:street1>8500 SW CREEKSIDE PLACE</ns1:street1>
          <ns1:city>Beaverton</ns1:city>
          <ns1:stateOrCountry>OR</ns1:stateOrCountry>
          <ns1:zipCode>97008</ns1:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(b)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Altai Capital Management, L.P.</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>2769346</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>2769346</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>2769346</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>12.9</classPercent>
      <typeOfReportingPerson>IA</typeOfReportingPerson>
      <typeOfReportingPerson>PN</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>
      <reportingPersonName>Altai Capital Management, LLC</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>2769346</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>2769346</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>2769346</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>12.9</classPercent>
      <typeOfReportingPerson>HC</typeOfReportingPerson>
      <typeOfReportingPerson>OO</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>
      <reportingPersonName>Rishi Bajaj</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>X1</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>2769346</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>2769346</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>2769346</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>12.9</classPercent>
      <typeOfReportingPerson>HC</typeOfReportingPerson>
      <typeOfReportingPerson>IN</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>Digimarc CORP</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>9405 SW Gemini Drive,
Beaverton, OR 97008</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>This Statement is filed on behalf of each of the following persons (collectively, the "Reporting Persons"):

(i) Altai Capital Management, L.P., a Delaware limited partnership registered as an investment adviser with the U.S. Securities and Exchange Commission (the "Investment Manager"), which serves as the investment manager of certain investment funds (the "Funds") with respect to the Common Stock, $0.001 par value per share (the "Shares") held in such Funds respective accounts;

(ii) Altai Capital Management, LLC, a Delaware limited liability company ("IMGP"), which serves as the general partner of Investment Manager with respect to the Shares held in such Funds respective accounts; and

(iii) Mr. Rishi Bajaj, who serves as managing principal of Investment Manager and member of IMGP with respect to the Shares held in the Funds respective accounts.

This Statement relates to the Common Stock held for the account of Altai Capital Osprey, LLC, a Delaware limited liability company ("Osprey") and accounts separately managed by Investment Manager (the "Separately Managed Accounts"). Investment Manager serves as investment manager to each of Osprey and the Separately Managed Accounts. Investment Manager, IMGP and Mr. Bajaj are hereinafter sometimes collectively referred to as the Reporting Persons. Each of Investment Manager, IMGP and Mr. Bajaj may be deemed to have voting and dispositive power over the Shares held for the account of Osprey and the Separately Managed Accounts.</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>The address of the business office of each of the Reporting Persons is PO Box 15203, Irvine, CA 92623.</principalBusinessOfficeOrResidenceAddress>
        <citizenship>(i) Investment Manager is a Delaware limited partnership;
(ii) IMGP is a Delaware limited liability company; and
(iii) Mr. Bajaj is a citizen of the United States of America.</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>N</notApplicableFlag>
        <typeOfPersonFiling>IA</typeOfPersonFiling>
        <typeOfPersonFiling>HC</typeOfPersonFiling>
      </item3>
      <item4>
        <amountBeneficiallyOwned>As of December 31, 2024, each of the Reporting Persons may be deemed the beneficial owner of 2,769,346 Shares (approximately 12.9% of Shares outstanding) held for the account of Osprey and the Separately Managed Accounts. There were 21,451,804 Shares outstanding as of November 8, 2024, according to the Digimarc Corporation's Form 10-Q filed on November 14, 2024.</amountBeneficiallyOwned>
        <classPercent>12.9</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>Investment Manager: 0
IMGP: 0
Mr. Bajaj: 0</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>Investment Manager: 2,769,346
IMGP: 2,769,346
Mr. Bajaj: 2,769,346</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>Investment Manager: 0
IMGP: 0
Mr. Bajaj: 0</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>Investment Manager: 2,769,346
IMGP: 2,769,346
Mr. Bajaj: 2,769,346</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>N</notApplicableFlag>
        <ownershipMoreThan5PercentOnBehalfOfAnotherPerson>See disclosure in Items 2 and 4 hereof. The Separately Managed Accounts have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, more than 5% of the Shares covered by this Statement that may be deemed to be beneficially owned by the Reporting Persons.</ownershipMoreThan5PercentOnBehalfOfAnotherPerson>
      </item6>
      <item7>
        <notApplicableFlag>N</notApplicableFlag>
        <subsidiaryIdentificationAndClassification>See disclosure in Item 2 hereof.</subsidiaryIdentificationAndClassification>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and 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.</certifications>
      </item10>
    </items>
    <signatureInformation>
      <reportingPersonName>Altai Capital Management, L.P.</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Rishi Bajaj</signature>
        <title>Authorized Signatory</title>
        <date>02/14/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Altai Capital Management, LLC</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Rishi Bajaj</signature>
        <title>Authorized Signatory</title>
        <date>02/14/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Rishi Bajaj</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Rishi Bajaj</signature>
        <title>self</title>
        <date>02/14/2025</date>
      </signatureDetails>
    </signatureInformation>
  </formData>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
