Business
Acacia Announces Commencement of Rights Offering
NEW YORK--(BUSINESS WIRE)-- Acacia Research Corporation (NASDAQ: ACTG) (“Acacia” or the “Company”) announced today that it has commenced 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 commenced its previously-announced rights offering (the “Rights Offering”).\n\nUnder the terms of the Rights Offering, the Company will distribute non-transferable subscription rights to record holders (“Eligible Securityholders”) of the Company’s common stock (the “Common Stock”) held as of 5 p.m. Eastern time on February 13, 2023, the record date for the Rights Offering. The subscription period for the Rights Offering commences today and will terminate at 5 p.m. Eastern time on March 1, 2023 (the “Expiration Time”).\n\nPursuant to the Rights Offering, Eligible Securityholders will receive one non-transferable subscription right (a “Subscription Right”) for every four shares of Common Stock owned by such Eligible Securityholders. Each Subscription Right entitles an Eligible Securityholder to purchase, at such Eligible Securityholder’s election, one share of Common Stock at a price of $5.25 per share (the “Subscription Price”). The Subscription Rights will be distributed at no charge to Eligible Securityholders. The Subscription Rights may be exercised at any time during the subscription period and will expire if they are not exercised by the Expiration Time.\n\nStarboard Value LP, a strategic investor in the Company, together with certain affiliates of Starboard Value LP (collectively, “Starboard”), will receive private subscription rights to purchase Common Stock at the Subscription Price pursuant to a concurrent private rights offering (the “Concurrent Private Rights Offering”) in connection with their ownership of Common Stock and, on an as-converted basis, the Company’s Series B Warrants and shares of the Company’s convertible preferred stock designated as Series A Convertible Preferred Stock. The private subscription rights provided to Starboard pursuant to the Concurrent Private Rights Offering will be on substantially the same terms as the Subscription Rights, and will be distributed substantially concurrently with the distribution of the Subscription Rights and will expire at the Expiration Time. The Rights Offering is conditioned upon completion of the Concurrent Private Rights Offering, which will close concurrently with the Rights Offering.\n\nAcacia intends to use the net proceeds for gene...