Business
Acacia Announces Closing of Rights Offering
NEW YORK--(BUSINESS WIRE)-- Acacia Research Corporation (NASDAQ: ACTG) (“Acacia” or the “Company”) announced today that it has closed its
About this update from Acacia Research Corporation
[{"type":"text","content":" NEW YORK--(BUSINESS WIRE)--\nAcacia Research Corporation (NASDAQ: ACTG) (“Acacia” or the “Company”) announced today that it has closed its previously-announced rights offering (the “Rights Offering”).\n\nThe subscription period for the Rights Offering terminated at 5 p.m. Eastern time on March 1, 2023 (the “Expiration Time”).\n\nStarboard Value LP, a strategic investor in the Company, together with certain affiliates of Starboard Value LP (collectively, “Starboard”), received private subscription rights pursuant to a concurrent private rights offering (the “Concurrent Private Rights Offering”). The private subscription rights provided to Starboard pursuant to the Concurrent Private Rights Offering expired at the Expiration Time, and the Concurrent Private Rights Offering closed at the same time as the Rights Offering.\n\nThe Company received aggregate gross proceeds of approximately $360,953 from the Rights Offering and aggregate gross proceeds of approximately $78,750,000 from the Concurrent Private Rights Offering. The Company intends to use the net proceeds for general corporate purposes, including to strengthen its financial position, and to serve as capital for its acquisitions platform.\n\nAfter giving effect to the issuance of 68,753 shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”), in the Rights Offering and 15,000,000 shares of Common Stock in the Concurrent Private Rights Offering, the Company has 58,543,312 shares of Common Stock issued and outstanding.\n\nThe Rights Offering was made pursuant to a prospectus supplement to the Company’s shelf registration statement on Form S-3 (No. 333-249984) filed with the SEC on February 14, 2023.\n\nAbout Acacia Research\n\nAcacia is a permanent capital platform with a strategy to purchase businesses based on the differentials between public and private market valuations. Acacia leverages its (i) access to flexible capital that can be deployed opportunistically as a result of its strategic partnership with Starboard Value LP, (ii) disciplined focus on identifying opportunities where it can be an advantaged buyer, initiate a transaction opportunity spontaneously, avoid a traditional sale process and complete the purchase of a business, division or other asset at an attractive price, (iii) willingness to invest across industries and in off-the-r...