SUNNYVALE, Calif.—Rambus Inc., which licenses its designs for memory chips and other technologies, said Tuesday it has renewed a patent license agreement with Toshiba Corp., sending shares surging in extended trading.
The company did not disclose financial terms for the five-year agreement.
Toshiba will pay royalties to Rambus based on shipment of certain types of memory controllers.
Shares of Rambus jumped $1.48, or 8 percent, to $20.25 in after-hours trading. Earlier in the day, the stock slid 41 cents, or 2.1 percent, to close at $18.77.
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