Business
Acacia Research Reports Second Quarter 2023 Financial Results
NEW YORK--(BUSINESS WIRE)-- Acacia Research Corporation (Nasdaq: ACTG) (“Acacia” or the “Company”) today reported financial results for the three and six
About this update from Acacia Research Corporation
[{"type":"text","content":" NEW YORK--(BUSINESS WIRE)--\nAcacia Research Corporation (Nasdaq: ACTG) (“Acacia” or the “Company”) today reported financial results for the three and six months ended June 30, 2023.\n\n\nKey Business Highlights\n\n\n\nOn July 13, 2023, completed its recapitalization transaction with Starboard Value LP, and as part of this transaction:\n\n\nStarboard converted 350,000 shares of Acacia’s Series A Convertible Preferred Stock into 9,616,746 shares of Common Stock, including 27,704 shares of Common Stock issued in respect of accrued and unpaid dividends.\n\n\n\nStarboard also exercised 31,506,849 of the Company’s Series B Warrants (the “Series B Warrants”) through a combination of a “Note Cancellation” and a “Limited Cash Exercise” for an aggregate total of 31,506,849 shares of Common Stock\n\n\n\nPursuant to the Series B Warrants exercise, the Company cancelled $60 million aggregate principal amount of senior secured notes held by Starboard and received aggregate gross proceeds of approximately $55 million.\n\n\n\nAs a result of the Recapitalization Transactions, Starboard holds 61,123,595 shares of Common Stock, representing approximately 61.2% of Acacia’s Common Stock\n\n\n\n\n\n\nGenerated $7.9 million in consolidated revenue for the quarter compared to $16.7 million in revenue in the second quarter of 2022.\n\n\n\nRecorded $1.4 million of net realized and unrealized losses during the quarter.\n\n\n\n\n \n\n\n\nSecond Quarter 2023 Financial Highlights\n\n\n\n\n\n\n\n\n(In millions, except per share data)\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n \n\n\n\n\n\n\nThree Months Ended June\n\n\n\n\n\n\n \n\n\n\n\n\n\nSix Months Ended June 30,\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n2023\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n2022\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n2023\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n2022\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n(unaudited)\n\n\n\n\n\n\n \n\n\n\n\n\n\n(unaudited)\n\n\n\n\n\n\n\n\nIntellectual property operations\n\n\n\n\n\n\n$\n\n\n\n\n\n\n0.4\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n8.1\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n4.6\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n10.7\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nIndustrial operations\n\n\n\n\n\n\n \n\n\n\n\n\n\n7.5\n\n\n\n\n\n\n \n\n\n\...